In this division:
(1) AFFORDABLE HOUSING means:
(A) owner-occupied housing that:
(i) is sold or resold under this division to a low-income individual or family; and
(ii) has a purchase price and an estimated appraised value at acquisition that does not exceed 95 percent of the “HUD 203B” maximum mortgage amounts established and published annually by HUD in Part 203, Title 24 of the Code of Federal Regulations, as amended; or
(B) renter-occupied housing for which housing expenses do not exceed HUD fair market rents, as defined in Part 888, Title 24 of the Code of Federal Regulations, as amended.
(2) DIRECTOR means the director of the department designated by the city manager to administer this division, or the director’s authorized representative.
(3) HUD means the United States Department of Housing and Urban Development.
(4) LAND or PROPERTY means any real property that has been acquired by the city, for itself or as trustee for any other taxing unit, pursuant to Chapters 33 and 34 of the Texas Property Tax Code, as amended, by:
(A) foreclosure of a tax lien; or
(B) seizure.
(5) LAND ASSEMBLY PROGRAM means a city program established by Resolution No. 97-1504, as amended, that provides for the sale of tax-foreclosed properties to qualified nonprofit organizations for the furtherance of city-approved public purposes.
(6) LOW-INCOME INDIVIDUAL OR FAMILY means an individual or family whose annual income does not exceed 80 percent of the median income for the Dallas Standard Metropolitan Statistical Area, as determined annually by HUD, with adjustments for smaller and larger families.
(7) NONPROFIT ORGANIZATION means:
(A) a nonprofit corporation described by 26 U.S.C. Section 501(c)(3) that:
(i) has been incorporated in the State of Texas for at least one year;
(ii) has a corporate purpose to develop affordable housing that is stated in its articles of incorporation, bylaws, or charter;
(iii) has at least one-fourth of its board of directors residing in the city; and
(iv) engages primarily in the building, repair, rental, or sale of housing for low-income individuals and families; or
(B) a joint venture or partnership between:
(i) a nonprofit corporation organized and existing under the laws of the State of Texas that develops affordable housing for low-income individuals and families as a primary activity to promote community-based revitalization of the city; and
(ii) a nonprofit corporation or other nonprofit legal entity composed of residents of or property owners in the community or neighborhood in which land subject to a purchase proposal under this division is located.
(8) TAXING UNIT means a taxing unit, as defined in Section 1.04(12) of the Texas Property Tax Code, as amended, that is a party to a judgment for delinquent taxes on a property or that has acquired seized property pursuant to a tax warrant. (Ord. Nos. 23713; 24046)