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House Bill 2840 |
House Author: Giddings |
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Effective: 9-1-13 |
Senate Sponsor: West |
House Bill 2840 amends the Local Government Code to decrease from three to one the minimum number of housing units a developer is required to have built within the three-year period preceding the submission of a proposal to a land bank seeking to acquire real property as part of the urban land bank demonstration program.
House Bill 2840 authorizes a land bank, before the completion of the specified period within which it must sell a property to a qualified participating developer for the construction of affordable housing, subject to the right of first refusal, to transfer property determined to be inappropriate for residential development to certain taxing units or to sell such property to a political subdivision or a nonprofit organization. For purposes of provisions relating to the right of first refusal, the bill removes the requirement that an eligible adjacent property owner have owned the property adjacent to property owned by the land bank and continuously occupied that property as a primary residence for the two-year period preceding the date of the sale.
House Bill 2840 authorizes a land bank to sell property to a developer to allow the construction of a grocery store meeting certain requirements and sets out provisions relating to such a sale.