Relating to the exemption from ad valorem taxation of property owned by a community land trust or housing finance corporation.

HB 4650 would expand tax exemptions for community land trusts and housing finance corporations in Texas. It allows these entities to exempt their land, housing units, and related property from ad valorem taxes if they meet specific requirements: operating as charitable organizations focused exclusively on affordable housing development, and having their local taxing unit adopt the exemption before July 1. The exemption is limited to properties within the trust's creating municipality/county or adjacent counties with approval from the commissioners court. This policy change directly supports affordable housing providers by reducing their property tax burden.