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.
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