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REFERENCE TITLE: Arizona community land trust fund |
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State of Arizona House of Representatives Fifty-sixth Legislature Second Regular Session 2024
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HB 2578 |
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Introduced by Representatives Quiñonez: Ortiz, Schwiebert, Seaman
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An Act
amending title 41, chapter 37, article 2, Arizona Revised Statutes, by adding section 41-3956; relating to the Arizona department of housing.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 41, chapter 37, article 2, Arizona Revised Statutes, is amended by adding section 41-3956, to read:
41-3956. Arizona state community land trust acquisition grant fund; purpose; definitions
A. The Arizona state community land trust acquisition grant fund is established. The department shall administer the fund. The fund consists of legislative appropriations, federal monies, private grants, gifts, contributions and devises.
B. Monies in the fund shall be distributed to community land trusts to provide grants to eligible owners.
C. Monies in the fund are continuously appropriated and exempt from the provisions of section 35-190 relating to the lapsing of appropriations.
D. For the purposes of this section:
1. "Community land trust" means a corporation that is exempt from taxation pursuant to section 501(c)(3) of the internal revenue code and that satisfies all of the following:
(a) The corporation's primary purpose is the creation and maintenance of permanently affordable single-family or multifamily residences.
(b) All dwellings and units located on land that is owned by the corporation must be sold to eligible owners and must be occupied as the eligible owner's primary residence or rented to low-income families.
(c) The land that is owned by the corporation, and on which a dwelling or unit sold to an owner is situated, is leased by the corporation to the eligible owner for the convenient occupation and use of the dwelling or unit for an initial term of ninety-nine years with renewal rights under the same initial terms and conditions.
2. "Eligible Owner" means either of the following:
(a) An individual who owns or agrees to purchase a home under this section and who occupies the home as the owner's primary residence.
(b) A partnership, corporation or other entity that will rebuild or rehabilitate vacant properties for sale to homebuyers.