A community land trust created or designated under Section 373B.002 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 municipality or county; and

2. (2) organized as:

   1. (A) a nonprofit corporation that is exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, by being listed as an exempt organization under Section 501(c)(3) of that code;
   2. (B) a limited partnership of which a nonprofit corporation described by Paragraph (A) controls 100 percent of the general partner interest; or
   3. (C) a limited liability company for which a nonprofit corporation described by Paragraph (A) serves as the only member.

Added by Acts 2011, 82nd Leg., R.S., Ch. 383 (S.B. 402), Sec. 1, eff. January 1, 2012.

Acts 2021, 87th Leg., R.S., Ch. 1020 (S.B. 113), Sec. 1, eff. September 1, 2021.