H.B. No. 4550
 
 
 
 
AN ACT
  relating to the allocation of low income housing tax credits.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2306.67022, Government Code, is amended
  to read as follows:
         Sec. 2306.67022.  QUALIFIED ALLOCATION PLAN; MANUAL.  (a)  
  At least biennially, the board shall adopt a qualified allocation
  plan and a corresponding manual to provide information regarding
  the administration of and eligibility for the low income housing
  tax credit program.  The board may adopt the plan and manual
  annually, as considered appropriate by the board.
         (b)  The board shall adjust to reflect inflation any amount
  specified in the qualified allocation plan relating to the
  acceptable cost of a development by square foot. The board shall use
  2021 as the base year for the adjustment.
         (c)  In making the computation under Subsection (b), the
  board shall consider the Consumer Price Index for All Urban
  Consumers, or its successor in function, published by the United
  States Bureau of Labor Statistics.
         SECTION 2.  Section 2306.6711(b), Government Code, is
  amended to read as follows:
         (b)  Not later than the deadline specified in the qualified
  allocation plan, the board shall issue commitments for available
  housing tax credits based on the application evaluation process
  provided by Section 2306.6710. The board may not allocate to an
  applicant housing tax credits in any unnecessary amount, as
  determined by the department's underwriting policy and by federal
  law, and in any event may not allocate to the applicant housing tax
  credits in an amount greater than $6 [$3] million in a single
  application round or to an individual development more than $2
  million in a single application round.
         SECTION 3.  Section 2306.6724, Government Code, is amended
  by adding Subsection (g) to read as follows:
         (g)  Notwithstanding any other law, the department shall
  issue a final commitment for an allocation of housing tax credits
  not later than the 120th day following the date on which the
  department receives from an applicant a complete cost certification
  package, as prescribed by department rule, and the applicant has
  fulfilled any requests for information for the issuance of Internal
  Revenue Service Form 8609, or that form's successor.
         SECTION 4.  Section 2306.1112, Government Code, is repealed.
         SECTION 5.  Section 2306.67022, Government Code, as amended
  by this Act, applies to the adoption of a qualified allocation plan
  and corresponding manual for the state fiscal biennium beginning
  September 1, 2023.
         SECTION 6.  Sections 2306.111, 2306.6711, and 2306.6724,
  Government Code, as amended by this Act, apply only to an
  application for low income housing tax credits that is submitted to
  the Texas Department of Housing and Community Affairs during an
  application cycle that is based on the 2024 qualified allocation
  plan or a subsequent plan adopted by the governing board of the
  department. An application that is submitted during an application
  cycle that is based on an earlier qualified allocation plan is
  governed by the law in effect on the date the application cycle
  began, and the former law is continued in effect for that purpose.
         SECTION 7.  This Act takes effect September 1, 2023.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 4550 was passed by the House on May 2,
  2023, by the following vote:  Yeas 130, Nays 14, 3 present, not
  voting; and that the House concurred in Senate amendments to H.B.
  No. 4550 on May 25, 2023, by the following vote:  Yeas 126, Nays 17,
  2 present, not voting.
 
  ______________________________
  Chief Clerk of the House   
 
         I certify that H.B. No. 4550 was passed by the Senate, with
  amendments, on May 23, 2023, by the following vote:  Yeas 28, Nays
  3.
 
  ______________________________
  Secretary of the Senate   
  APPROVED: __________________
                  Date       
   
           __________________
                Governor