The board of a land bank may adopt a policy requiring that a percentage, as determined by the board based on local needs and available land bank inventory, of residential units constructed on residential real property conveyed by the land bank be deed restricted for housing that is affordable to households with an income of not greater than 80 percent of the area median family income, adjusted for household size, for the municipality, as determined annually by the United States Department of Housing and Urban Development.
Tex. Loc. Gov't Code § 379H.159
AFFORDABLE HOUSING POLICY
Added by Acts 2021, 87th Leg., R.S., Ch. 780 (S.B. 1679), Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.