The proposed bill establishes the Arizona state community land trust acquisition grant fund, which will be administered by the Arizona Department of Housing. This fund will consist of various sources of funding, including legislative appropriations, federal funds, and private contributions. The bill specifies that the money in the fund will be continuously appropriated and exempt from lapsing provisions, allowing for ongoing support to community land trusts that provide grants to eligible owners.

Additionally, the bill defines "community land trust" and "eligible owner." A community land trust is characterized as a tax-exempt corporation focused on creating and maintaining affordable housing, with specific requirements regarding the sale and occupancy of dwellings. An eligible owner can be an individual or an entity that intends to purchase or rehabilitate properties for low-income families. This new language expands the current law by formalizing the grant fund and clarifying the definitions and roles of community land trusts and eligible owners.

Statutes affected:
Introduced Version: 41-3956