AZ HB2578

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

Fund receives money from legislative appropriations, federal sources, private grants, gifts, contributions and devises, with distributions made to community land trusts to provide grants to eligible owners.

Appropriations to the fund are continuous and exempt from lapsing provisions under Arizona Revised Statutes section 35-190.

Defines "community land trust" as a tax-exempt 501(c)(3) corporation whose primary purpose is creating permanently affordable housing, with land leased to owners for 99-year terms with renewal rights.

Defines "eligible owner" as individuals who own or purchase homes for primary residence, or partnerships/corporations that rebuild or rehabilitate vacant properties for homebuyer sale.