Tex. Local Government Code § 373A.102
This is the official text of Tex. Local Government Code § 373A.102, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 373A.102. NATURE OF NONPUBLIC TRUST.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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