Connecticut Administrative Code
Title 8 - Zoning, Planning, Housing, Economic and Community Development
214d - Land Bank/Land Trust Fund
Section 8-214d-4 - Program requirements under land trust

Universal Citation: CT Reg of State Agencies 8-214d-4

Current through September 9, 2024

(a) Nonprofit corporations shall hold in trust all land and interests in land acquired under this program in order to encourage the development of housing for low and moderate income families. The nonprofit corporation may:

(1) Lease land and interests in land to low and moderate income families, limited equity cooperatives or other nonprofit corporations;

(2) Sell or lease currently existing buildings or improvements to low and moderate income families, limited equity cooperatives or other nonprofit corporations; or

(3) Allow such low and moderate income families, limited equity cooperatives or other nonprofit corporations to place and hold title to new or additional buildings or improvements on the land.

(b) Any lease between a nonprofit corporation and a low or moderate income family, limited equity cooperative or other nonprofit corporation for the use of land and interests in land acquired under the Land Trust Program shall include, but not be limited to the following terms:

(1) Such land shall be developed and used solely for the purpose of housing low and moderate income families;

(2) Where the low or moderate income family, limited equity cooperative or other nonprofit corporation holds title to any building or improvement on the land, the nonprofit corporation holding title to the land shall have, in the event of a sale, the first option to purchase any such building or improvement at a below market price;

(3) The below market price, or a formula for determining such below market price shall be included in the lease;

(4) The legal heirs of any lessee, regardless of income, shall have the right to assume the lease upon the death of the lessee provided that the lessee was a natural person and that the heirs agree to make the leased premises their principal residence; and

(5) A statement that the lease is subject to the laws and regulations of the State of Connecticut governing the Land Trust Program, and must conform to such laws and regulations.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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