Land Trust

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Definition of 'Land Trust'

A land trust is a legal entity that holds title to real estate for the benefit of another party. The trust can be used for a variety of purposes, such as conservation, affordable housing, or community development.

There are two main types of land trusts: conservation land trusts and community land trusts. Conservation land trusts acquire land for the purpose of protecting it from development. They may own the land outright or hold it in a conservation easement, which is a legal agreement that restricts the use of the land to certain purposes. Community land trusts acquire land and then sell or lease it to low-income individuals or families. The trust retains ownership of the land, which helps to keep housing costs affordable.

Land trusts can be created by individuals, families, or organizations. They are typically governed by a board of directors, which is responsible for setting the trust's policies and managing its assets. Land trusts can be funded by donations, grants, or government loans.

Land trusts play an important role in protecting land from development and providing affordable housing. They can also be used to promote community development and environmental conservation.

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