Sec. 373A.106. SALE OR LEASE OF HOUSING UNITS. (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 (H.B. 525), Sec. 1, eff. September 1, 2005.
Structure Texas Statutes
Title 12 - Planning and Development
Subtitle A - Municipal Planning and Development
Chapter 373A - Homestead Preservation Districts and Reinvestment Zones
Subchapter C. Homestead Land Trust
Section 373A.102. Nature of Nonpublic Trust
Section 373A.103. Purpose of Trust
Section 373A.104. Board of Directors
Section 373A.105. Title to Land
Section 373A.106. Sale or Lease of Housing Units
Section 373A.107. Transfer From Governmental Entities; Forgiving Outstanding Taxes
Section 373A.109. Relation to Other Law
Section 373A.110. Applicability of Subchapter to Trust Operated by Housing Finance Corporation