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A BILL TO BE ENTITLED
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AN ACT
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relating to the qualified allocation plan and manual adopted for |
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the allocation of low income housing tax credits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.67022, Government Code, is amended |
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to read as follows: |
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Sec. 2306.67022. QUALIFIED ALLOCATION PLAN; MANUAL. (a) |
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The [At least biennially, the] board biennially shall adopt a |
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qualified allocation plan and a corresponding manual to provide |
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information regarding the administration of and eligibility for the |
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low income housing tax credit program. The board may not adopt a |
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[the] plan and manual more frequently than once during each |
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biennium [annually, as considered appropriate by the board]. |
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(b) The board biennially shall adjust to reflect inflation |
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any amount specified in the qualified allocation plan relating to |
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the acceptable cost of a development by square foot. The board |
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shall use 2021 as the base year for the adjustment. |
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(c) In making the computation under Subsection (b), the |
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board shall consider the Consumer Price Index for All Urban |
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Consumers, or its successor in function, published by the United |
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States Bureau of Labor Statistics. |
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SECTION 2. The change in law made by this Act applies to the |
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adoption of a qualified allocation plan and corresponding manual |
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for the state fiscal biennium beginning September 1, 2021. |
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SECTION 3. This Act takes effect September 1, 2021. |