Nature of Trust

Sec. 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. 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.