|
Senate Bill 402 |
Senate Author: West |
|
Effective: 1-1-12 |
House Sponsor: Oliveira |
Senate Bill 402 amends the Local Government Code to authorize a governing body of a municipality or county to create or designate one or more community land trusts to operate in the municipality or county. The purpose of such a trust is to provide affordable housing for low-income and moderate-income residents in the community, promote resident ownership of housing, keep housing affordable for future residents, and capture the value of public investment for long-term community benefit. The bill requires a trust to be a nonprofit organization and satisfy certain requirements. The bill authorizes a trust to retain title to land it acquires and sell or lease the land in certain ways. The bill establishes the qualifications that a person must meet in order to purchase or lease property from a trust.
Senate Bill 402 amends the Tax Code to establish a tax exemption for real and personal property owned by a community land trust if the trust meets certain requirements. The bill requires a tax appraiser to consider the reduction in value of property owned, leased, or sold by a trust that has restrictions on the manner of disposition of the property.