|
Senate Bill 1316 |
Senate Author: Watson |
|
Effective: 9-1-15 |
House Sponsor: Alvarado |
Current law sets out, in descending order, certain prioritized criteria that the Texas Department of Housing and Community Affairs (TDHCA) must use in evaluating an application for a low income housing tax credit that has satisfied threshold criteria required by the governing board of the TDHCA. Senate Bill 1316 amends the Government Code to remove from the prioritized criteria the commitment of development funding by local political subdivisions. The bill includes criteria addressing the ability of a proposed project to demonstrate support from local political subdivisions based on the subdivisions' commitment of development funding and to rehabilitate or perform an adaptive reuse of a certified historic structure as part of the development among the criteria that are the basis for the point system the TDHCA uses to score each low income housing tax credit application for the purpose of allocating those credits. The bill additionally provides for a reduction in the required amount of funding for a proposed project to receive the applicable number of points for the criterion related to the commitment of development funding by local political subdivisions.