"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.
"Ground lease" means a lease of real property in which the lease does not include buildings or other improvements.
"Leasehold interest" means the real property interest of a lessee in a ground lease in which the community land trust is the lessor.
"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.
"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.
"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, section 501(c)(3), and that meets all other criteria for community land trusts set by the agency.
"Persons and families of low and moderate income" means persons or families whose income does not exceed:
(1) 80 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, section 501(c)(3), whichever is less.