As used in sections 47-300 to 47-304, inclusive:

(1) “Eligible housing” means any building, structure or portion thereof which is used or occupied, or intended, arranged or designed to be used or occupied, as the home, residence or sleeping place of one or more persons or families of very low income, low income or moderate income.

(2) “Very low income” means persons and families having an aggregate family income at or below twenty-five per cent of the area median income, as determined by the United States Department of Housing and Urban Development.

(3) “Low income” means persons and families having an aggregate family income between twenty-six and fifty per cent of the area median income, as determined by the United States Department of Housing and Urban Development.

(4) “Moderate income” means persons and families having an aggregate family income between fifty-one and eighty per cent of the area median income, as determined by the United States Department of Housing and Urban Development.

(5) “Lessee” means a person, association or organization with whom a community land trust enters into a ground lease for the purpose of providing eligible housing.

(6) “Community land trust” means a nonprofit organization incorporated pursuant to chapter 602 or any predecessor statutes thereto that meets the requirements of section 47-301.

(7) “Leasehold interest” means the real property interest of a lessee in a ground lease with a community land trust.

(8) “First option to purchase” means a right in favor of a community land trust to purchase the improvements and leasehold interest of a lessee, or any portion or portions thereof owned by or subleased to any resident of eligible housing therein, prior to the rights of any other party, at a limited equity price.

(9) “Limited equity price” means a price for the sale of any building or improvement located on land owned by a community land trust that is determined by means of a formula or similar calculation designed to maintain such building or improvement as eligible housing for the longest term possible, but not less than the term of the applicable ground lease.

(10) “Predominantly” means at least fifty per cent.

(P.A. 90-203, S. 1; P.A. 91-358, S. 1; P.A. 96-256, S. 205, 209.)

History: P.A. 91-358 amended Subdiv. (3) to redefine “predominantly” as 50% rather than 70%; P.A. 96-256 amended definition of “community land trust” to replace reference to “chapter 600” with “chapter 602 or any predecessor statutes thereto”, effective January 1, 1997.