Yup, you've got it. The homeowner doesn't own the land, but does own the "improvements", home and buildings, and has the right to
sell them if and when they leave, though at an appraised value that makes sure the land value is removed. Community Land Trusts started out with a rural/land reform mission, but have gravitated more towards urban missions addressing affordable housing. Ours was started in the late 70's, and is sort of unusual now. Check out VCLT.org for more info. We believe the proper relationship for people to land is stewards, not owners. We're not really an
intentional community, as our households are separate and conventional, but having the institutional connection with one's land trust neighbors (the piece I live on has 5 households) is a big step up from normal American alienated neighborhood.