AZ HB2328

Establishes the Arizona State Community Land Trust Acquisition Grant Fund to be administered by the Arizona Department of Housing.

Fund consists of legislative appropriations, federal monies, private grants, gifts, contributions, and devises to be distributed as grants to community land trusts.

Defines "community land trust" as a tax-exempt 501(c)(3) corporation that creates permanently affordable housing, sells dwellings to eligible owners with 99-year renewable leases, and rents units to low-income families.

Defines "eligible owner" as individuals who own or purchase homes for primary residence, or entities that rebuild or rehabilitate vacant properties for resale to homebuyers.

Monies in the fund are continuously appropriated and exempt from lapsing provisions under Arizona Revised Statutes section 35-190.