Section 2-3 - Community Land Trust Projects (a) In addition to meeting all other requirements of the program, loans made for a project involving a community land trust shall require: - (i) The land subject of the trust be owned or leased by a political subdivision of the state, including a city, town, county, special improvement district or a housing authority authorized under W.S. 15-10-116.
- (ii) The land be used for workforce housing with lots for housing leased and with the political subdivision remaining the owner of the land or the primary lessee.
- (iii) The leases of the lots be upon such terms as to allow commercial lenders to lend funds for housing construction on terms comparable to housing built on fee owned lands. The commercial lender shall have all remedies in the event of a default by the homebuyer, however, in no case shall the commercial lender be allowed to foreclose on the land subject to the trust.
- (iv) The housing development on lands subject to the trust include a specified percentage or number of housing units at specified maximum initial sale prices or be required to have a specified initially finished, maximum square footage as required by the political subdivision making application under this program, through zoning or other land use restriction.
- (v) The lease terms for the housing constructed on the land subject to the trust provide for continuation of the initial long term community benefit through subsequent sales of the housing.
(b) The political subdivision owning or leasing the land subject to the community land trust may fulfill the requirements of this section directly, through a housing authority created pursuant to W.S. W.S. 15-10-116, or by agreement with private non-profit entities.