Freddie Mac Single-Family Seller/Servicer Guide 4502.1 — Overview for Community Land Trust
Freddie Mac Single-Family Seller/Servicer Guide Section 4502.1 — Overview for Community Land Trust.
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Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4502.1 — Overview for Community Land Trust — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Freddie Mac Single-Family Seller/Servicer Guide 4502.1 — Overview for Community Land Trust
Under the Community Land Trust model, the Community Land Trust owns land and leases it under a long-term ground lease to a homebuyer who purchases the structure on the land. Freddie Mac will purchase Community Land Trust Mortgages that meet the requirements of this chapter and the Guide. The requirements include use of a specified form of ground lease (“Community Land Trust Ground Lease”) and Form 490, Community Land Trust Ground Lease Rider, each as further specified in Section 4502.7. Note: A Community Land Trust that is a non-profit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code is considered an Agency.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4502-1/
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