§ 9-12-904 — Community land trusts; eligibility; requirements

(a) Loans made under this article for community land
trusts, in addition to meeting other requirements of this
article, shall require that:
(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 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;
(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 article, through zoning or otherwise;
(v) The lease terms for 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. 15-10-116, or by agreement with private
nonprofit entities.