Tex. Local Gov't Code Section 373B.003
Nature of Trust

A community land trust created or designated under Section 373B.002 (Creation or Designation) 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.
Added by Acts 2011, 82nd Leg., R.S., Ch. 383 (S.B. 402), Sec. 1, eff. January 1, 2012.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 1020 (S.B. 113), Sec. 1, eff. September 1, 2021.

Source: Section 373B.003 — Nature of Trust, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­373B.­htm#373B.­003 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 373B.003’s source at texas​.gov