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House Bill 525 |
House Author: Rodriguez et al. |
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Effective: 9-1-05 |
Senate Sponsor: Barrientos |
House Bill 525 amends the Local Government Code to authorize certain municipalities to create homestead preservation districts and reinvestment zones to increase home ownership, provide affordable housing, prevent involuntary loss of homesteads by existing low-income and moderate-income homeowners living in disadvantaged neighborhoods, and improve economic and social conditions within disadvantaged communities. The bill authorizes such a municipality to create and operate a homestead land trust or a homestead preservation reinvestment zone or to adopt a homestead land bank plan to coordinate development in concert with the needs of the existing population of the district.