| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to certain occupancy preferences given by developments |
|
|
supported with a low income housing tax credit allocation. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 2306.6701, Government Code, is amended |
|
|
to read as follows: |
|
|
Sec. 2306.6701. PURPOSE. (a) The department shall |
|
|
administer the low income housing tax credit program to: |
|
|
(1) encourage the development and preservation of |
|
|
appropriate types of rental housing for households, including |
|
|
members of a group specified by Subsection (b), that have |
|
|
difficulty finding suitable, affordable rental housing in the |
|
|
private marketplace; |
|
|
(2) maximize the number of suitable, affordable |
|
|
residential rental units added to the state's housing supply; |
|
|
(3) prevent losses for any reason to the state's supply |
|
|
of suitable, affordable residential rental units by enabling the |
|
|
rehabilitation of rental housing or by providing other preventive |
|
|
financial support under this subchapter; and |
|
|
(4) provide for the participation of for-profit |
|
|
organizations and provide for and encourage the participation of |
|
|
nonprofit organizations in the acquisition, development, and |
|
|
operation of affordable housing developments in urban and rural |
|
|
communities. |
|
|
(b) Consistent with Section 42(g)(9), Internal Revenue Code |
|
|
of 1986, a development supported with a housing tax credit |
|
|
allocation may give an occupancy preference to teachers and other |
|
|
employees of the school district in which the development is |
|
|
located, and members of the households of those persons, if all |
|
|
other occupancy requirements under state and federal law are |
|
|
satisfied. |
|
|
SECTION 2. The change in law made by this Act applies 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 under Section 2306.67022, Government Code. 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 3. This Act takes effect September 1, 2023. |