HB 4650 expands property tax exemptions for community land trusts and housing finance corporations. It allows these entities to receive ad valorem tax exemptions for property they own if the property is located in the municipality or county that created the trust or corporation, or, with approval from the county commissioners court, in an adjacent county. The bill also clarifies that housing finance corporations are exempt from franchise taxes only if they qualify under Chapter 171 of the Tax Code. The tax exemption applies to tax years beginning on or after January 1, 2026​.