55-221.1 - Community land trusts not considered landlords. - Virginia Statutes

§ 55-221.1. Community land trusts not considered landlords.

For the purposes of this chapter, the term "landlord" shall not include acommunity land trust. "Community land trust" means a community housingdevelopment organization whose (i) corporate membership is open to any adultresident or organization of a particular geographic area specified in thebylaws of the organization and (ii) board of directors includes a majority ofmembers who are elected by the corporate membership and are composed oflessees, corporate members who are not lessees, and any other category ofpersons specified in the bylaws of the organization and that:

1. Is not sponsored by a for-profit organization;

2. Acquires parcels of land, held in perpetuity, primarily for conveyanceunder long-term ground leases;

3. Transfers ownership of any structural improvements located on such leasedparcels to the lessee; and

4. Retains a preemptive option to purchase any such structural improvement ata price determined by formula that is designed to ensure that the improvementremains affordable to low- and moderate-income families in perpetuity.

(2010, c. 180.)