Texas § 373A.102 NATURE OF NONPUBLIC TRUST.

Texas Statutes

§ 373A.102 — NATURE OF NONPUBLIC TRUST.

Texas § 373A.102

Code LGLocal Government Code

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Bluebook

Tex. Local Government Code Code Ann. § 373A.102 (2026).

Text

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.

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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.

Legislative History

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.