2003S0637-1 03/13/03


By:  West                                                         S.B. No. 1592


A BILL TO BE ENTITLED

AN ACT

relating to the allocation of the state ceiling among issuers of 
qualified residential rental project bonds.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subsection (a), Section 1372.0321, Government 
Code, as added by Chapter 1367, Acts of the 77th Legislature, 
Regular Session, 2001, is amended to read as follows:
	(a)  In granting reservations to issuers of qualified 
residential rental project issues, the board shall:
		(1)  give first priority to:                                                  
			(A)  projects in which 100 percent of the 
residential units in the projects are under the restriction that 
the maximum allowable rents are an amount equal to 30 percent of 50 
percent of the area median family income minus an allowance for 
utility costs authorized under the federal low-income housing tax 
credit program; and
			(B)  on or after March 31 [June 1], projects that 
are located in counties, metropolitan statistical areas, or primary 
metropolitan statistical areas with area median family incomes at 
or below the statewide median family income established by the 
United States Department of Housing and Urban Development;
		(2)  give second priority to projects in which 100 
percent of the residential units in the projects are under the 
restriction that the maximum allowable rents are an amount equal to 
30 percent of 60 percent of the area median family income minus an 
allowance for utility costs authorized under the federal low-income 
housing tax credit program; and
		(3)  give third priority to any other qualified 
residential rental project. 
	SECTION 2.  Section 1372.0321, Government Code, as added by 
Chapter 1420, Acts of the 77th Legislature, Regular Session, 2001, 
is repealed.
	SECTION 3.  This Act takes effect September 1, 2003.