Excerpt from the ordinance establishing the Chicago Community Land Trust as detailed in the January 11, 2006 City of Chicago Journal of Proceedings [Source]:
Chicago Community Land Trust (the "Corporation") is organized and operated exclusively for charitable and educational purposes in accord with Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue law) (the "Code"). By way of illustration and not by way of limitation, the Corporation is organized to:
(a) provide opportunities for low- and moderate-income families and individuals to secure decent and affordable housing by increasing affordable housing choices in Chicago and fostering the availability of a combination of owner-occupied and rental housing that meets diverse needs, including balancing of individual and community wealth;
(b) preserve the quality and affordability of housing for future generations of owners and renters through long-term ground leases, restrictive covenants, options to repurchase and similar mechanisms; and
(c) in furtherance of the purposes of the Corporation, acquire, develop, lease, sell or otherwise convey parcels of land, improvements thereon, or both; enter into redevelopment agreements; impose covenants, conditions and restrictions of record; accept and make grants and loans; accept mortgages executed by persons benefiting from the Corporation's affordable housing initiatives; and enforce all agreements described in this Article 4.