Free 50-242 Application for Charitable Organizations Improving Property for Low-Income Housing Property Tax Exemption - Texas

50-242 (Rev. 8-03/7) [11.181 Rule 9.415]

APPLICATION FOR CHARITABLE ORGANIZATIONS IMPROVING PROPERTY FOR LOW-INCOME HOUSING PROPERTY TAX EXEMPTION
Appraisal district name

YEAR

Phone (area code and number)

Address

This application covers property you owned on January 1 of this year. You must file the completed form between January 1 and no later than April 30 of this year. Please note that the Supplemental Application for Charitable Organizations Improving Property for Low-Income Housing covers improved and unimproved real property acquired at any time during the year and must be filed not later than the 30th day after you acquire the property. Be sure to attach any additional documents requested. You must apply for this exemption every year; it will not be automatically renewed. Return the completed form to the address above.

Step 1: Name and address of organization

Name of organization Present mailing address City, town or post office, state, ZIP code Name of person preparing this application Driver's License, Personal I.D. Certificate, or Social Security Number*: Phone (area code and number) Title

Step 2: Form of organization Step 3: Answer the following questions about the organization

Operator of organization (check appropriate box)

Individual

Foundation

Corporation

Trust

If operated by a corporation, is the corporation non-profit as defined by the Texas Non-Profit Corporation act (Art. 1396-1.01 VACS et seq.)? .................................................... Yes 1. Does the organization own the property for the purpose of building or repairing housing on it primarily with the use of volunteer labor, and to sell without profit to an individual or family satisfying the organization's low-income and other eligibility requirements? ........................................... Yes 2. Does the organization engage exclusively in the building, repair and sale of housing as described above, and related activities? ................................................................................................... Yes 3. Does the organization perform, or does its charter perrmit it to perform, any functions other than those checked in question 2? .................................................................................................................... Yes If "YES," attach a statement describing the other functions in detail. 4. In the past year has the organization loaned funds to, borrowed funds from, sold property to or bought property from a shareholder, director or member of the organization, or has a shareholder or member sold his interest in the organization for a profit? .................................................................... Yes If "YES," attach a description of each transaction. For sales, give buyer, seller, price paid, value of the property sold and date of sale. For loans, give lender, borrower, amount borrowed, interest rate and term of loan. Attach a copy of note, if any.

No

No

No

No

No

5. Attach a list of salaries and other compensation for services paid in the last year. Also list any funds distributed to members, shareholders or directors in the last year. In each case, give recipient's name, type of service rendered or reason for payment and amounts paid. 6. Does the organization operate, or its charter permit to operate, in a manner which permits the accural of profits or distribution of any form of private gain? If yes, please explain on a separate attached page. ..........

Yes

No

Step 4: Answer these questions about the organization bylaws or charter

Attach a copy of the charter, bylaws or other documents adopted by the organization which govern its affairs, and answer the following questions. 1. Do these documents pledge the organization's assets for use in performing the organization's charitable functions? .. If "YES," give the page and paragraph numbers. Page __________

Yes

No

Paragraph _________

50-242 (Rev.8-03/7) - Page 2

Step 4: Answer these questions about the organization bylaws or charter
(continued)

2. Do these documents direct that on the discontinuance of the organization the organization's assets are to be transferred to the State of Texas or to an educational, religious, charitable or other similar organization that is qualified for exemption under Sec. 501(c)(3), Internal Revenue Code, as amended?. . If "YES," give the page and paragraph numbers. Page __________ Paragraph _________

Yes

No

If "NO," do these documents direct that on discontinuance of the organization, the organization's assets are to be transferred to its members who have promised in their membership application to immediately transfer them to the State of Texas or to an educational, religious, charitable or other similar organization that is qualified for exemption under Sec. 501(c)(3), Internal Revenue Code, as amended? . . . . . . . . . If "YES," give the page and paragraph numbers. Page __________ Paragraph _________

Yes

No

If "YES," was this two-step transfer required for the organization to qualify for exemption under Sec. 501(c)(3), Internal Revenue Code, as amended? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes

No

Step 5: Describe your property

PROPERTY TO BE EXEMPT: · Attach one Schedule A (REAL PROPERTY) form for EACH parcel of real improved and unimproved property to be exempt. · Attach one Schedule B (BUILDINGS) form for EACH building to be exempt. · Attach one Schedule C (PERSONAL PROPERTY) form listing ALL personal property to be exempt. · List only property owned by the organizaiton.

Step 6: Sign the application

· By signing this application, you designate the property described in the attached Schedules A, B and C as the property against which the charitable organizations improving property for low-income housing exemption may be claimed in this appraisal district. · You certify that this information is true and correct to the best of your knowledge and belief.
On behalf of (name of organization) Authorized signature Date Title

If you make a false statement on this application, you could be found guilty of a Class A misdemeanor or a state jail felony under Texas Penal Code Section 37.10.

* You are required to give us this information on this form, in order to perform tax related functions for this office. Section 11.43 of the Tax Code authorizes this office to request this information to determine tax compliance. The chief appraiser is required to keep the information confidential and not open to public inspection, except to appraisal office employees who appraise property and as authorized by Section 11.48(b), Tax Code.

Form 50-242 (Rev. 8-03/7) - Page 3 [11.18-A]

Schedule A: Description of real property · Complete one Schedule A form for EACH parcel of improved and unimproved real property qualified for exemption. · Attach all completed schedules to your application for exemption.
Name of owner

Legal description of property

_____________________________________________________________
Appraisal district account number (Optional):

Describe the primary use of the property.

________________________________________________________________________________________________________

Date of acquisition of the property

Is this property reasonably necessary for operation of the association/organization? Yes No

List all other individuals and organizations that used this property in the past year, and give the requested information for each.
NAME DATES USED ACTIVITY RENT PAID, IF ANY

Form 50-242 (Rev. 8-03/7) - Page 4 [11.18-A]

Schedule B: Description of Buildings Used for Administration of Organization · Complete one Schedule B form for EACH building qualified for exemption. · Attach all completed schedules to your application for exemption.
Name of owner

Legal description of property

__________________________________________________________________________________________________________ __________________________________________________________________________________________________________
Describe the primary use of the property.

__________________________________________________________________________________________________________ __________________________________________________________________________________________________________

Is this property reasonably necessary for operation of the association/organization?

Yes

No

List all other individuals and organizations that used this property in the past year, and give the requested information for each.
NAME DATES USED ACTIVITY RENT PAID, IF ANY

Form 50-242 (Rev. 8-03/7) - Page 5 [11.18-A]

Schedule C: Description of personal property · List all tangible property to be exempt on this schedule. · Attach all completed schedules to your application for exemption.
Name of owner

Is this property reasonably necessary for operation of the association/organization?

Yes

No

ITEM

LOCATION