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House Bill 3576 |
House Author: Alvarado |
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Effective: 9-1-15 |
Senate Sponsor: Menéndez |
House Bill 3576 amends the Government Code to revise provisions establishing procedures for the sale of certain low income housing tax credit developments and to limit the applicability of those provisions to a right of first refusal memorialized in a land use restriction agreement. Among other things, the bill requires the Texas Department of Housing and Community Affairs to provide for the amendment of certain land use restriction agreements and establishes that the transfer of ownership of a development supported with an allocation of housing tax credits does not subject the development to a right of first refusal if the transfer is made to an affiliated entity that was formed for the purpose of facilitating the financing for rehabilitating the development using a state financing program.