organization that will own housing must demonstrate capacity to act as owner of a project and meet the requirements of § 92.300(a)(2);
(iii) An organization that will sponsor housing must demonstrate capacity as a developer or capacity to act as owner, as described in paragraphs (9)(i) and (ii) of this definition; and
(10) Has a history of serving the community within which housing to be assisted with HOME funds is to be located. In general, an organization must be able to show one year of serving the community before HOME funds are reserved for the organization. However, a newly created organization formed by local churches, service organizations or neighborhood organizations may meet this requirement by demonstrating that its parent organization has at least a year of serving the community.
Community land trust means a nonprofit organization that:
(1) Has as its primary purposes acquiring, developing, or holding land to provide housing that is permanently affordable to low-income persons;
(2) Is not sponsored or controlled by a for-profit organization;
(3) Uses a lease, covenant, agreement, or other enforceable mechanisms to require housing and related improvements on land held by the community land trust to be affordable to low-income persons for at least 30 years; and
(4) Retains a right of first refusal or preemptive right to purchase the housing and related improvements on land held by the community land trust to maintain long-term affordability.
Consolidated plan means the plan submitted and approved in accordance with 24 CFR part 91.
Family has the same meaning given that term in 24 CFR 5.403.
Foster adult has the same meaning given that term in 24 CFR 5.603.
Foster child has the same meaning given that term in 24 CFR 5.603.
Full-time student has the same