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House Bill 3350 |
House Author: Rodriguez, Eddie |
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Effective: 9-1-13 |
Senate Sponsor: Watson |
House Bill 3350 amends the Local Government Code to authorize the governing body of a municipality by ordinance to designate an eligible area in the municipality as a homestead preservation district to promote and expand the rental of affordable housing and to prevent the involuntary loss of homesteads by renters. The bill also revises the eligibility requirements for a homestead preservation district by removing certain requirements, by increasing the maximum number of district residents from 25,000 to 75,000, and by requiring the median family income in each census tract in the area to be less than 80 percent, rather than 60 percent, of the median family income for the entire municipality.
Under previous law, a homestead preservation reinvestment zone took effect on the date on which the county adopted a final order agreeing to the creation of the zone, the zone boundaries, and the zone termination date and specifying a certain amount of tax increment to be deposited by the county into the tax increment fund. The bill instead authorizes a county to participate in a homestead preservation reinvestment zone established by a municipality by adopting such a final order and changes the zone effective date to the date designated by the municipality in the reinvestment zone ordinance.