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A BILL TO BE ENTITLED
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AN ACT
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relating to 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 2306.6725(b), Government Code, is |
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amended to read as follows: |
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(b) The department shall provide appropriate incentives as |
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determined through the qualified allocation plan to reward |
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applicants who agree to: |
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(1) equip the development that is the basis of the |
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application with energy saving devices that meet the standards |
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established by the state energy conservation office; or |
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(2) provide to a qualified entity, in a land use |
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restriction agreement in accordance with Section 2306.6726, a right |
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of first refusal to purchase the development at the minimum price |
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provided in, and in accordance with the requirements of, Section |
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42(i)(7), Internal Revenue Code of 1986 (26 U.S.C. Section |
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42(i)(7))[; and |
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[(2) locate the development in a census tract in which |
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there are no other existing developments supported by housing tax |
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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 to the Texas Department of Housing and Community Affairs |
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during an application cycle that is based on the 2022 qualified |
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allocation plan or a subsequent plan adopted by the governing board |
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of the department. An application that is submitted during an |
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application cycle that is based on an earlier qualified allocation |
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plan is governed by the law in effect on the date the application |
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cycle began, and the former law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2021. |