NATURE OF TRUST.
Tex. LOC. GOV'T Code § 373B.003.
in effectA 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.
Added by Acts 2011, 82nd Leg., R.S., Ch. 383 (S.B. 402 ), Sec. 1, eff. January 1, 2012.