Social Housing (Regulation) Act 2023

49 (1) Section 2 of the Leasehold Reform (Ground Rent) Act 2022 (excepted leases) is amended as follows. E+W

(2) In subsection (7)(a) omit “within the meaning of section 79 of the Housing and Regeneration Act 2008”.

(3) After subsection (7) insert—

“(7A) A “community land trust” means a body corporate which satisfies the conditions in subsection (7B); and in those conditions “local community” means the individuals who live or work, or want to live or work, in a particular area.

(7B) The conditions are—

(a) that the body is established for the express purpose of furthering the social, economic and environmental interests of a local community by acquiring and managing land and other assets in order—

(i) to provide a benefit to the local community, and

(ii) to ensure that the assets are not sold or developed except in a manner which the trust’s members think benefits the local community, and

(b) that the body is established under arrangements which are expressly designed to ensure that—

(i) any profits from its activities will be used to benefit the local community (otherwise than by being paid directly to members);

(ii) individuals who live or work in the particular area have the opportunity to become members of the trust (whether or not others can also become members), and

(iii) the members of the trust control it.”

Commencement Information

I1 Sch. 5 para. 49 not in force at Royal Assent, see s. 46(3)

I2 Sch. 5 para. 49 in force at 20.9.2023 by S.I. 2023/1001, reg. 2(y)(xviii)