Article VI



A.         Principals of Land Use. The Board of Directors shall oversee the use of land owned by the Corporation and shall convey the right to use such land so as to facilitate access to land and affordable housing by low and moderate income people.   In doing so, the Board shall be guided by the following principles:

1.         Roman Catholic social teachings, environmental stewardship principals, doctrine and traditions.

2.         The Board shall consider the needs of potential lessees and shall attempt to effect a just distribution of land use rights.

3.         The Board shall convey land use rights on terms that will preserve affordable access to land and housing for future low and moderate income residents of the community.

4.         The Board shall convey land use rights in a manner that will promote the long-term well-being of the community and the long-term health of human communities and the environment.

B.         Encumbrance of Land. The decision to mortgage or otherwise encumber land owned by the Corporation shall require the approval of the Board of Directors and the consent of any parties to whom such land is leased.

C.        Sale of Land. The sale of land, except environmentally sensitive land and development rights to conservation agencies or organizations for environmental protection or enhancement, does not conform to the philosophy and purposes of the Corporation.  In addition, this Corporation does not encourage or support the return of lands purchased by various government agencies for protection of the environment.  Accordingly, land shall not be sold except in extraordinary circumstances when the sale is considered a necessary means of achieving the purposes of the Corporation.  In such extraordinary circumstances, land may be sold only with:

1.        An affirmative vote by at least two-thirds of the entire Board of Directors at a regular or special Board meeting, provided that written notice of such meeting has described the proposed sale and the reasons for the proposal;

2.         The written consent of any persons to whom the land in question is leased; and

3.         The approval of two thirds of the regular Members present at a regular or special Membership Meeting, a quorum being assembled, provided that written notice of such meeting has described the proposed sale and the reasons for the proposal.

D.        Dedication of Assets.  The corporation’s assets are irrevocably dedicated to public benefit purposes.  No part of the net earnings, properties, or assets of the corporation, on dissolution or otherwise, shall inure to the benefit of any private person or individual, or to any director or officer of the corporation.  On liquidation or dissolution, all properties and assets remaining after payment, or provision for payment, of all debts and liabilities of the corporation shall be distributed to a nonprofit fund, foundation, or corporation that is organized and operated exclusively for charitable purposes and that has established its exempt status under Internal Revenue Code section 501(c)(3).