Sec. 8-214b. Housing land bank and land trust program: Definitions. - Connecticut Statutes

      Sec. 8-214b. Housing land bank and land trust program: Definitions. As used in this section and sections 8-214c to 8-214e, inclusive:

      (1) "Limited equity cooperative" means a nonprofit corporation organized for the purposes of owning and operating housing for low and moderate income families and qualifying as a limited equity cooperative, as defined in section 47-242;

      (2) "Very low, low and moderate income families" means families or individuals who lack the amount of income necessary to rent or purchase adequate housing without financial assistance, as defined by such income limits as may be adopted by an appropriate agency or instrumentality of the state or federal government for the purposes of determining eligibility under any programs aimed at providing housing for very low, low and moderate income families or persons;

      (3) "Nonprofit corporation" means a nonprofit corporation incorporated pursuant to chapter 602 or any predecessor statutes thereto, having as one of its purposes the construction, rehabilitation, ownership or operation of housing and having articles of incorporation approved by the Commissioner of Economic and Community Development in accordance with regulations adopted pursuant to subsection (b) of section 8-214d; and

      (4) "Real property" includes all lands, including improvements and fixtures thereon, and property of any nature appurtenant thereto, or used in connection therewith, and every estate, interest and rights, legal or equitable, therein, including terms for years and liens by way of judgment, mortgage or otherwise and the indebtedness secured by such liens.

      (P.A. 87-441, S. 1, 5; P.A. 90-238, S. 29, 32; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; 96-256, S. 174, 209.)

      History: P.A. 90-238 revised the term "low and moderate income families" to "very low, low and moderate income families" and added a definition of "real property"; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Housing with Commissioner and Department of Economic and Community Development; P.A. 96-256 amended the definition of "nonprofit corporation" to replace reference to "chapter 600" with "chapter 602 or any predecessor statutes thereto", effective January 1, 1997.