Austin |
Code of Ordinances |
Title 11. TAXATION. |
Chapter 11-1. AD VALOREM TAX. |
Article 4. EXEMPTIONS FOR COMMUNITY LAND TRUSTS. |
Division 1. General Provisions. |
§ 11-1-101. DEFINITIONS.
In this article:
(1)
COMMUNITY LAND TRUST (CLT) means a non-profit organization that is:
(a)
created to acquire and hold land for the benefit of developing and preserving long-term affordable housing in the City of Austin;
(b)
exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, by being certified as an exempt organization under Section 501(c)(3) of that code; and
(c)
created or designated by the Austin City Council by ordinance as a CLT.
Source: 20120524-020.