Amend SB 1908 by inserting the following appropriately 
numbered SECTION and renumbering subsequent SECTIONS accordingly:
	SECTION ____.  Section 11.182, Tax Code, is amended by 
amending Subsections (b), (e), and (h)  to read as follows:
	(b)  An organization is entitled to an exemption from 
taxation of improved or unimproved real property it owns or 
controls if the organization:
		(1)  is organized as a community housing development 
organization;          
		(2)  meets the requirements of a charitable 
organization provided by Sections 11.18(e) and (f);
		(3)  owns the property for the purpose of building or 
repairing housing on the property to sell without profit to a 
low-income or moderate-income individual or family satisfying the 
organization's eligibility requirements or to rent without profit 
to such an individual or family or owns or controls 100 percent of:
			(A)  the general partner interest of the limited 
partnership that owns the property, if applicable; or
			(B)  the entity that owns the property, if 
applicable; and          
		(4)  engages [exclusively] in the building, repair, and 
sale or rental of housing as described by Subdivision (3) and 
related activities.
	(e)  In addition to meeting the applicable requirements of 
Subsections (b) and (c), to receive an exemption under Subsection 
(b) for improved real property that is [includes a housing project 
constructed after December 31, 2001, and] financed with qualified 
501(c)(3) bonds issued under Section 145 of the Internal Revenue 
Code of 1986, tax-exempt private activity bonds subject to volume 
cap, or low-income housing tax credits, the organization must:
		(1)  [control 100 percent of the interest in the 
general partner if the project is owned by a limited partnership;
		[(2)]  comply with all rules of and laws administered 
by the Texas Department of Housing and Community Affairs applicable 
to community housing development organizations; and
		(2) [(3)]  submit annually to the Texas Department of 
Housing and Community Affairs and to the governing body of each 
taxing unit for which the project receives an exemption for the 
housing project evidence demonstrating that the organization spent 
an amount equal to at least 90 percent of the project's cash flow in 
the preceding fiscal year as determined by the audit required by 
Subsection (g), for eligible persons in the county in which the 
property is located, on social, educational, or economic 
development services, capital improvement projects, or rent 
reduction.
	(h)  Subsections (d) and (e)(2) [(e)(3)] do not apply to 
property owned by an organization if:
		(1)  the entity that provided the financing for the 
acquisition or construction of the property:
			(A)  requires the organization to make payments in 
lieu of taxes to the school district in which the property is 
located; or
			(B)  restricts the amount of rent the organization 
may charge for dwelling units on the property; or
		(2)  the organization has entered into an agreement 
with each taxing unit for which the property receives an exemption 
to spend in each tax year for the purposes provided by Subsection 
(d) or (e)(2) [(e)(3)]  an amount equal to the total amount of 
taxes imposed on the property in the tax year preceding the year in 
which the organization acquired the property.