The purpose of a trust is to:
- (1) control local land use and reduce absentee ownership;
- (2) provide affordable housing for low-income and moderate-income residents in the community;
- (3) promote resident ownership and control of housing;
- (4) keep housing affordable for future residents; and
- (5) capture the value of public investment for long-term community benefit.
Added by Acts 2005, 79th Leg., Ch. 495 (H.B. 525), Sec. 1, eff. September 1, 2005.