The bill authorizes Class 1 municipalities to establish nonprofit community land trusts to create affordable housing alternatives. It provides for the qualifications and appointment of board members, allowing the trusts to acquire and lease real property to low-income and moderate-income lessees. The trusts are required to include an option for the organizing municipality to buy back the property interest. The bill also sets standards for ad valorem assessment and outlines the powers and responsibilities of the community land trusts in relation to ground leases, property taxation, and compliance with affordable housing criteria. The effective date for this bill is October 1, 2026.