Sec. 373A.102. NATURE OF NONPUBLIC TRUST. A trust that is not created by the governing body of a political subdivision 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 district; and
(2) exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, by being certified as an exempt organization under Section 501(c)(3), Internal Revenue Code of 1986.
Added by Acts 2005, 79th Leg., Ch. 495 (H.B. 525), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1175 (H.B. 470), Sec. 6, eff. September 1, 2007.
Section: Previous 373A.003 373A.051 373A.052 373A.0521 373A.053 373A.054 373A.101 373A.102 373A.103 373A.104 373A.105 373A.106 373A.107 373A.109 373A.110 NextLast modified: September 28, 2016