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A BILL TO BE ENTITLED
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AN ACT
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relating to the modification of deed restrictions imposed on |
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property under an urban land bank demonstration program in certain |
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municipalities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 379C.010, Local Government Code, is |
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amended by adding Subsection (g) to read as follows: |
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(g) In addition to the modification or addition of deed |
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restrictions allowed by Subsection (f), and notwithstanding the |
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restrictions required by Subsections (b), (c), and (d), the land |
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bank or the governing body of the municipality may modify the deed |
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restrictions imposed under this section to allow a qualified |
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participating developer to develop the property without providing |
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affordable housing directly on that property. Property described |
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by this subsection must be adjacent to other property that is |
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obtained through a means other than the program under this chapter |
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and on which the developer proposes to provide affordable housing |
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subject to deed restrictions as described by Subsections (b), (c), |
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and (d). The improvements to property described by this subsection |
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must provide a substantial benefit to a housing development located |
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on the adjacent property, such as a sidewalk or other structure that |
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provides access to the development. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |