Sec. 373A.105. TITLE TO LAND. (a) A trust may retain title to land it acquires and may lease housing units located on the land or sell housing units located on the land under long-term ground leases, as provided by Section 373A.106.
(b) A trust may not transfer title to any land owned by the trust without obtaining:
(1) a unanimous vote of the board members of the trust;
(2) approval by the municipality and county in which the land is located, as provided through a resolution of the governing bodies of the municipality and county adopted with the affirmative vote of four-fifths of the members following a public hearing; and
(3) the provision by the board of the trust of advance notice to all persons who own or rent housing units located on land owned by the trust.
Added by Acts 2005, 79th Leg., Ch. 495 (H.B. 525), Sec. 1, eff. September 1, 2005.
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