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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 2306.6711(b), Government Code, is |
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amended to read as follows: |
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(b) Not later than the deadline specified in the qualified |
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allocation plan, the board shall issue commitments for available |
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housing tax credits based on the application evaluation process |
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provided by Section 2306.6710. The board may not allocate to an |
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applicant housing tax credits in any unnecessary amount, as |
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determined by the department's underwriting policy and by federal |
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law, and in any event may not allocate to the applicant housing tax |
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credits in an amount greater than $6 [$3] million in a single |
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application round or to an individual development more than $2 |
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million in a single application round. |
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SECTION 2. Section 2306.6724, Government Code, is amended |
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by adding Subsection (g) to read as follows: |
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(g) Notwithstanding any other law, the department shall |
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issue a final commitment for an allocation of housing tax credits |
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not later than the 120th day following the date on which the |
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department receives from an applicant a complete cost certification |
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package, as prescribed by department rule, and the applicant has |
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fulfilled any requests for information for the issuance of Internal |
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Revenue Service Form 8609, or that form's successor. |
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SECTION 3. Section 2306.1112, Government Code, is repealed. |
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SECTION 4. 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 2024 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 5. This Act takes effect September 1, 2023. |