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Texas Statutes (Last Updated: January 4, 2014) |
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LOCAL GOVERNMENT CODE |
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Title 12. PLANNING AND DEVELOPMENT |
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Subtitle A. MUNICIPAL PLANNING AND DEVELOPMENT |
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Chapter 373A. HOMESTEAD PRESERVATION DISTRICTS AND REINVESTMENT ZONES |
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Subchapter C. HOMESTEAD LAND TRUST |
Sec. 373A.106. SALE OR LEASE OF HOUSING UNITS
Latest version.
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(a) A trust shall sell or lease all housing units only to families with a yearly income at the time of purchase or lease of the housing unit at or below 70 percent of the area median family income, adjusted for family size.
(b) At least 40 percent of the housing units sold or leased by the trust must be sold or leased to families with a yearly income at the time of purchase or lease at or below 50 percent of the area median family income, adjusted for family size.
(c) At least 10 percent of the housing units sold or leased by the trust must be sold or leased to families with a yearly income at the time of purchase or lease at or below 30 percent of the area median family income, adjusted for family size.
Added by Acts 2005, 79th Leg., Ch. 495 , Sec. 1, eff. September 1, 2005.