Sec. 379D.010. RESTRICTIONS ON OCCUPANCY AND USE OF PROPERTY. (a) The land bank shall impose deed restrictions with appropriate terms and conditions on property sold to qualified participating developers and eligible adjacent property owners that require:
(1) the development and sale or rental of the property to low income households, if the property is sold to a qualified participating developer; or
(2) the use of the property to be consistent and compatible with the residential character of the neighborhood and any applicable standards for use adopted by the land bank, if the property is sold to an eligible adjacent property owner.
(b) At least 25 percent of the land bank properties sold during any given fiscal year to be developed for sale shall be deed restricted for sale to households with gross household incomes not greater than 60 percent of the area median family income, adjusted for household size, for the metropolitan statistical area in which the municipality is located, as determined annually by the United States Department of Housing and Urban Development.
(c) Housing developed under this chapter may consist of one to four residential units. At least one unit of any structure with two to four units must be owned and occupied as a primary residence by a low income household. The remaining units may be rental units if each tenant household meets the income eligibility requirements of a low income household.
(d) Notwithstanding Subsection (c), housing developed under this chapter may consist of one to eight residential units, all of which may be rental units, if:
(1) each tenant household meets the income eligibility requirements of a low income household;
(2) the housing is located in an area that:
(A) is adjacent to the central business district of the municipality; and
(B) has a number of owner-occupied households that does not exceed 25 percent of the total number of households in the area; and
(3) the median income of households for the area described by Subdivision (2) is less than 50 percent of the median income of households for the municipality.
Added by Acts 2005, 79th Leg., Ch. 795 (S.B. 356), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1034 (H.B. 1742), Sec. 9, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 1341 (S.B. 1908), Sec. 30, eff. September 1, 2007.
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