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AN ACT
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relating to low income housing tax credits awarded for at-risk |
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developments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6702(a)(5), Government Code, is |
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amended to read as follows: |
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(5) "At-risk development" means: |
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(A) a development that: |
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(i) has received the benefit of a subsidy in |
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the form of a below-market interest rate loan, interest rate |
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reduction, rental subsidy, Section 8 housing assistance payment, |
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rental supplement payment, rental assistance payment, or equity |
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incentive under the following federal laws, as applicable: |
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(a) Sections 221(d)(3) and (5), |
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National Housing Act (12 U.S.C. Section 1715l); |
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(b) Section 236, National Housing Act |
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(12 U.S.C. Section 1715z-1); |
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(c) Section 202, Housing Act of 1959 |
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(12 U.S.C. Section 1701q); |
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(d) Section 101, Housing and Urban |
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Development Act of 1965 (12 U.S.C. Section 1701s); |
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(e) the Section 8 Additional |
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Assistance Program for housing developments with HUD-Insured and |
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HUD-Held Mortgages administered by the United States Department of |
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Housing and Urban Development as specified by 24 C.F.R. Part 886, |
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Subpart A; |
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(f) the Section 8 Housing Assistance |
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Program for the Disposition of HUD-Owned Projects administered by |
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the United States Department of Housing and Urban Development as |
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specified by 24 C.F.R. Part 886, Subpart C; |
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(g) Sections 514, 515, and 516, |
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Housing Act of 1949 (42 U.S.C. Sections 1484, 1485, and 1486); or |
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(h) Section 42, Internal Revenue Code |
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of 1986 (26 U.S.C. Section 42); and |
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(ii) is subject to the following |
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conditions: |
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(a) the stipulation to maintain |
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affordability in the contract granting the subsidy is nearing |
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expiration; or |
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(b) the HUD-insured or HUD-held |
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[federally insured] mortgage on the development is eligible for |
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prepayment or is nearing the end of its term; or |
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(B) a development that proposes to rehabilitate |
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or reconstruct housing units that: |
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(i) are owned by a public housing authority |
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and receive assistance under Section 9, United States Housing Act |
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of 1937 (42 U.S.C. Section 1437g); or |
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(ii) received assistance under Section 9, |
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United States Housing Act of 1937 (42 U.S.C. Section 1437g) and: |
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(a) are proposed to be disposed of or |
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demolished by a public housing authority; or |
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(b) have been disposed of or |
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demolished by a public housing authority in the two-year period |
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preceding the application for housing tax credits. |
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SECTION 2. The change in law made by this Act applies only |
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to an application for low income housing tax credits that is |
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submitted on or after the effective date of this Act. An |
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application for low income housing tax credits that is submitted |
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before the effective date of this Act is governed by the law in |
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effect when the application was submitted, and the former law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1315 passed the Senate on |
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May 11, 2015, by the following vote: Yeas 29, Nays 2. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1315 passed the House on |
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May 27, 2015, by the following vote: Yeas 125, Nays 18, three |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |