{"data":{"id":"us-tx/tex.-local-government-code-373b.003","jurisdiction":"us-tx","citation":"Tex. Local Government Code § 373B.003","heading":"NATURE OF TRUST.","body":"A community land trust created or designated under Section 373B.002 must be a nonprofit organization that is:\n(1) created to acquire and hold land for the benefit of developing and preserving long-term affordable housing in the municipality or county; and\n(2) organized as:\n(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;\n(B) a limited partnership of which a nonprofit corporation described by Paragraph (A) controls 100 percent of the general partner interest; or\n(C) a limited liability company for which a nonprofit corporation described by Paragraph (A) serves as the only member.\nAdded by Acts 2011, 82nd Leg., R.S., Ch. 383 (S.B. 402), Sec. 1, eff. January 1, 2012.\nAmended by:\nActs 2021, 87th Leg., R.S., Ch. 1020 (S.B. 113), Sec. 1, eff. September 1, 2021.","path":["LOCAL GOVERNMENT CODE","TITLE 12. PLANNING AND DEVELOPMENT","SUBTITLE A. MUNICIPAL PLANNING AND DEVELOPMENT","CHAPTER 373B. COMMUNITY LAND TRUSTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/LG/htm/LG.373B.htm#373B.003","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:27Z","sha256":"6013503fcf0818eb47891254e8a608264a39182659d36a6cb619c75181d745c9","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-local-government-code-373b.002","next":"us-tx/tex.-local-government-code-373b.004"},"notice":"GroundRules: Original legal text. Not legal advice."}