Tex. Loc. Gov't Code § 373B.003

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 373B.003 - Nature of Trust

A community land trust created or designated under Section 373B.002 must be a nonprofit organization that is:

(1) created to acquire and hold land for the benefit of developing and preserving long-term affordable housing in the municipality or county; and

(2) organized as:

(A) a nonprofit corporation that is exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, by being listed as an exempt organization under Section 501(c)(3) of that code;

(B) a limited partnership of which a nonprofit corporation described by Paragraph (A) controls 100 percent of the general partner interest; or

(C) a limited liability company for which a nonprofit corporation described by Paragraph (A) serves as the only member.

Tex. Loc. Gov't. Code § 373B.003

Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 1020,Sec. 1, eff. 9/1/2021.

Added by Acts 2011, 82nd Leg., R.S., Ch. 383, Sec. 1, eff. 1/1/2012.