§ 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.