Sec. 15. Definitions.
65 words·~1 min read·
/il/chapter-310/act-130/15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15. Definitions. As used in this Act:
"501(c)(3) organization" means a nonprofit organization that is exempt or qualified for exemption from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986.
"Community land trust" means a 501(c)(3) organization governed by a board of community land trusts residents, community residents, and public representatives that provide permanent or long-term affordability and shared equity homeownership opportunities.