Sec. 379C.0105. LOT EXCHANGE PERMITTED. (a) Notwithstanding Section 379C.010, the land bank may permit a qualified participating developer to exchange a property purchased from the land bank with any other property owned by the developer if:
(1) the developer agrees to construct on the other property affordable housing for low income households as provided by this chapter; and
(2) the other property will be located in:
(A) a planned development incorporating the property originally purchased from the land bank; or
(B) another location as approved by the land bank.
(b) The land bank shall adjust the deed restrictions under Section 379C.010 for each of the properties exchanged by the developer under this section.
Added by Acts 2009, 81st Leg., R.S., Ch. 1297 (H.B. 2344), Sec. 4, eff. June 19, 2009.
Structure Texas Statutes
Title 12 - Planning and Development
Subtitle A - Municipal Planning and Development
Chapter 379C - Urban Land Bank Demonstration Program
Section 379C.002. Applicability
Section 379C.004. Urban Land Bank Demonstration Program
Section 379C.005. Qualified Participating Developer
Section 379C.006. Urban Land Bank Demonstration Plan
Section 379C.007. Public Hearing on Proposed Plan
Section 379C.008. Private Sale to Land Bank
Section 379C.009. Subsequent Resale by Land Bank
Section 379C.010. Restrictions on Occupancy and Use of Property
Section 379C.0105. Lot Exchange Permitted
Section 379C.0107. Replatting by Qualified Participating Developer
Section 379C.011. Right of First Refusal to Qualified Organizations
Section 379C.012. Open Records and Meetings
Section 379C.013. Records; Audit; Report
Section 379C.014. Additional Authorized Use of Land Bank Property