(a) Notwithstanding any other provision of law, the governing body of a municipality may provide for the manner in which any land acquired by the municipality may be sold if the land is sold to:
(1) a nonprofit organization that develops housing for low-income individuals and families as a primary activity to promote community-based revitalization of the municipality;
(2) a nonprofit corporation described by 26 U.S.C. § 501(c)(3) that:
(A) has been incorporated in this state for at least one year;
(B) has a corporate purpose to develop affordable housing that is stated in its articles of incorporation, bylaws, or charter;
(C) has at least one-fourth of its board of directors residing in the municipality; and
(D) engages primarily in the building, repair, rental, or sale of housing for low-income individuals and families; or
(3) a religious organization that:
(A) owns other property located in the municipality that is exempt from taxation under § 11.20, Tax Code; and
(B) has entered into a written agreement with the municipality regarding the revitalization of the land.
(b) A municipality operating under this section may by ordinance determine the individuals and families who qualify as low-income individuals and families under Subsection (a)(1) or (2). In adopting an ordinance under this subsection, the municipality shall consider median income of individuals and median family income in the area.