Enrolled Bill Summary

            Senate Bill 929 amends the Local Government Code to provide that a tax exemption for a multifamily residential development that is owned by a public facility corporation or other similar entity created by a housing authority and that does not have at least 20 percent of its units reserved for public housing units applies only if the housing authority holds a public hearing to approve the development and at least 50 percent of the units in the development are reserved for individuals and families earning less than 80 percent of the area median family income.

            Senate Bill 929 allows a housing finance corporation, following a public hearing, to issue bonds to finance a multifamily residential development to be owned by the corporation if at least 50 percent of the units are reserved for individuals and families earning less than 80 percent of the area median family income. The bill also allows a housing finance corporation, following a public hearing by the governing body of the local government and with that governing body's approval, to issue bonds to finance a multifamily residential development at least 20 percent of which is intended for occupancy by persons of low and moderate income whose adjusted gross incomes do not exceed certain specified levels.