Section 24-1B-10

(a) For real property acquired for residential purposes which is owned by a community land trust and not subject to a ground lease, the real property shall be exempted from all ad valorem taxation for a period of three years if the community land trust intends the real property to be used as affordable housing and the community land trust is either: (1) Conducting or causing the construction on the real property, including, but not limited to, construction of a new residential property, rehabilitation of an existing property, and related tasks; or (2) Attempting to transfer or lease the real property or specified interest in accordance with Section 24-1B-5. (b) Real property subject to a ground lease used as affordable housing included in any leasehold interest shall be exempt from 20 percent of all property taxes for 20 years, as long as it remains affordable housing.