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Tex. Loc. Gov't Code § 373A.103

PURPOSE OF TRUST

Added by Acts 2005, 79th Leg., Ch. 495 (H.B. 525), Sec. 1, eff

The purpose of a trust is to:

(1) control local land use and reduce absentee ownership;

(2) provide affordable housing for low-income and moderate-income residents in the community;

(3) promote resident ownership and control of housing;

(4) keep housing affordable for future residents; and

(5) capture the value of public investment for long-term community benefit.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.