A trust that is not created by the governing body of a political subdivision must be a nonprofit organization that is:

1. (1) created to acquire and hold land for the benefit of developing and preserving long-term affordable housing in the district; and
2. (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.

Acts 2007, 80th Leg., R.S., Ch. 1175 (H.B. 470), Sec. 6, eff. September 1, 2007.