Land trusts are nonprofit organizations which own and manage land, and sometimes waters. There are three common types of land trust, distinguished from one another by the ways in which they are legally structured and by the purposes for which they are organized and operated:
- A real estate investment trust is a fiduciary arrangement whereby one party (the trustee) agrees to own and to manage real property for the benefit of a limited number of beneficiaries.
- A community land trust (CLT) is a private, nonprofit corporation that acquires, manages, and develops land for a variety of purposes, primarily for the production and stewardship of affordable housing, although many CLTs are also engaged in non-residential buildings and uses.
- A conservation land trust is a private, non-profit corporation in the US that acquires land or conservation easements for the purpose of limiting commercial development and preserving open space, natural areas, waterways, and/or productive farms and forests.
In the United States, the land owned by the United States government and held in trust for Native American tribes and individuals is sometimes referred to as a land trust.
In Australia, Aboriginal land trusts are a type of non-profit organisation that holds the freehold title to an area of land on behalf of a community of Aboriginal and/or Torres Strait Islander people.
© MMXXIII Rich X Search. We shall prevail. All rights reserved. Rich X Search