(a) A replat of a part of a subdivision may be recorded and is controlling over the preceding plat without vacation of that plat if the replat:
(1) is signed and acknowledged by only the owners of the property being replatted; and
(2) involves only property:
(A) of less than one acre that fronts an existing street; and
(B) that is owned and used by a nonprofit corporation established to assist children in at-risk situations through volunteer and individualized attention.
(b) An existing covenant or restriction for property that is replatted under this section does not have to be amended or removed if:
(1) the covenant or restriction was recorded more than 50 years before the date of the replat; and
(2) the replatted property has been continuously used by the nonprofit corporation for at least 10 years before the date of the replat.