A land bank created under this chapter:
(1) is:
(A) a governmental unit, as defined by Section 101.001, Civil Practice and Remedies Code;
(B) a local government corporation, as defined by Section 431.003, Transportation Code; and
(C) a public nonprofit corporation that has and may exercise all of the rights, powers, privileges, authority, and functions given by the general laws of this state to nonprofit corporations in this state;
(2) is not:
(A) a program created or operating under Chapter 373 or 374; or
(B) a housing finance corporation created under Chapter 394; and
(3) must comply with the requirements of Chapters 551 and 552, Government Code.