Sec. 373A.105. TITLE TO LAND. (a) A trust may retain title to land it acquires and may lease housing units located on the land or sell housing units located on the land under long-term ground leases, as provided by Section 373A.106.
(b) A trust may not transfer title to any land owned by the trust without obtaining:
(1) a unanimous vote of the board members of the trust;
(2) approval by the municipality and county in which the land is located, as provided through a resolution of the governing bodies of the municipality and county adopted with the affirmative vote of four-fifths of the members following a public hearing; and
(3) the provision by the board of the trust of advance notice to all persons who own or rent housing units located on land owned by the trust.
Added by Acts 2005, 79th Leg., Ch. 495 (H.B. 525), Sec. 1, eff. September 1, 2005.
Section: Previous 373A.0521 373A.053 373A.054 373A.101 373A.102 373A.103 373A.104 373A.105 373A.106 373A.107 373A.109 373A.110 373A.151 373A.152 373A.1521 NextLast modified: September 28, 2016