Enrolled Bill Summary

House Bill 3546 amends provisions of the Tax Code relating to the exemption from ad valorem taxation of property used to provide affordable housing for low-income to moderate- income persons. The bill provides that a community housing development corporation may not receive an ad valorem tax exemption beginning on or after January 1, 2004, for improved or unimproved real property or tangible personal property owned by the corporation, unless the corporation qualified for an exemption during any part of the 2003 tax year. House Bill 3546 establishes requirements for an organization, or an owner of real property that is not an organization, that constructs or rehabilitates real property for affordable housing to qualify the real property for a tax exemption.