Minnesota Statutes 462A.30 – Definitions
Subdivision 1.Applicability.
The definitions in this section apply to sections 462A.02, subdivision 11, 462A.30, and 462A.31.
Subd. 2.
Terms Used In Minnesota Statutes 462A.30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 462A.30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
[Repealed, 1Sp2001 c 4 art 4 s 39]
Subd. 3.First option to purchase.
“First option to purchase” means a right of a community land trust or the agency to purchase all or any portion of the improvements and leasehold interest of a lessee, sublessee, or other resident of property subject to a ground lease, prior to the rights of any other party and at a limited equity price.
Subd. 4.Ground lease.
“Ground lease” means a lease of real property in which the lease does not include buildings or other improvements.
Subd. 5.Leasehold interest.
“Leasehold interest” means the real property interest of a lessee in a ground lease in which the community land trust is the lessor.
Subd. 6.Limited equity formula.
“Limited equity formula” means a method, approved by the agency, for calculation of the limited equity price, designed to maintain the affordability of the housing and the public subsidy.
Subd. 7.Limited equity price.
“Limited equity price” means a price for the sale of any building or other improvement located on land owned by a community land trust determined by means of the limited equity formula.
Subd. 8.Community land trust.
“Community land trust” means a city or a nonprofit corporation organized under chapter 317A that complies with section 462A.31 and that qualifies for tax exempt status under United States Code, title 26, § 501(c)(3), and that meets all other criteria for community land trusts set by the agency.
Subd. 9.Persons and families of low and moderate income.
“Persons and families of low and moderate income” means persons or families whose income does not exceed:
(1) 115 percent of the greater of state median income, or area or county median income as determined by the Department of Housing and Urban Development; or
(2) the amount that qualifies the organization for tax exempt status under United States Code, title 26, § 501(c)(3), whichever is less.