Form 50-805 - Application For Community Land Trust Exemption Page 2

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P r o p e r t y T a x

A p p l i c a t i o n f o r C o m m u n i t y L a n d T r u s t E x e m p t i o n

Form 50-805

STEP 3: Provide Information About the Organization and Attach Documents

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Yes

Is the organization named in STEP 2 a community land trust created or designated under Local Government Code §373B.002? . .

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2. Is the organization engaged primarily in public charitable functions? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If yes, using an attachment, describe the organization’s activities in a narrative. The narrative description of activities should be

thorough, accurate and include date-specific references to the tax year for which the exemption is sought. You may also attach

representative copies of newsletters, brochures or similar documents for supporting details to this narrative.

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3. Does the organization perform one or more of the charitable functions specified by Tax Code Section 11.18(d)? . . . . . . . . . . . .

Yes

____________________________________________________

If “YES,” identify the function(s) performed:

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If “YES,” is the organization organized as a nonprofit corporation as defined by the Texas Non-Profit Corporation Act? . . . . . . .

Yes

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4. Does the organization operate in a way that does not result in accrual of distributable profits? . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

5. Does the organization operate in a way that does not result in realization of private gain resulting from payment of

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compensation in excess of a reasonable allowance for salary or other compensation for services rendered? . . . . . . . . . . . . . . .

Yes

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6. Does the organization operate in a way that does not result in realization of any other form of private gain? . . . . . . . . . . . . . . .

Yes

Does the organization use its assets in performing the organization’s charitable functions or the charitable functions of

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another charitable organization? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

8. Does the organization by charter, bylaw, or other regulation adopted by the organization to govern its affairs direct that

on discontinuance of the organization by dissolution or otherwise the assets are to be transferred to this state, the United States,

or an educational, religious, charitable, or other similar organization that is qualified as a charitable organization under



Section 501(c)(3), Internal Revenue Code of 1986, as amended? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Attach a copy of the charter, bylaws or other documents adopted by the organization which govern its affairs.

9. Does the organization engage exclusively in the sale or lease of housing as described by Tax Code Section 11.1827(b)(1)(B)

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and related activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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If “NO,” are the other activities the development of low-income and moderate-income housing? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

Attach a description of activities that are not exclusively the sale or lease of housing and related activities.

STEP 4: Provide Information Regarding Audit

Pursuant to Tax Code §11.1827(e), property may not be exempted under Tax Code §11.1827 unless the community land trust annually has an audit prepared

by an independent auditor. The audit must include:

(1) a detailed report on the trust’s sources and uses of funds; and

(2) any other information required by the governing body of the municipality or county that created or designated the trust under Section 373B.002,

Local Government Code.

Not later than the 180th day after the last day of the community land trust’s most recent fiscal year, the trust must deliver a copy of the audit required by Tax

Code §11.1827(e) to:

(1) the governing body of the municipality or county or an entity designated by the governing body; and

(2) the chief appraiser of the appraisal district in which the property subject to the exemption is located.

10. Did the organization timely deliver the required audit to the governing body of the municipality or county or an entity

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designated by the governing body? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If no, attach a statement explaining your answer.

11. Did the organization timely deliver the required audit to the chief appraiser of the appraisal district in which the

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property subject to the exemption is located? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If no, attach a statement explaining your answer.

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