TO: | Honorable David Swinford, Chair, House Committee on State Affairs |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB3874 by Menendez (Relating to the issuance of private activity bonds.), Committee Report 1st House, Substituted |
The bill would provide amendments to Section 1372 of the Government Code regarding changes to definitions and responsibilities of the Private Activity Bond Program. The bill would provide that the $5,000 multifamily application fee per applicant, currently collected by the Bond Review Board, be divided into two fees with $1,000 payable to the Bond Review Board and $4,000 payable the Texas Department of Housing and Community Affairs.
The bill would make no appropriation to the Bond Review Board or the Texas Department of Housing and Community Affairs and it is assumed that the multifamily application fees will be deposited into the General Revenue fund.
The bill would take effect September 1, 2007. Changes to the Private Activity Bond Program apply only to a reservation of state ceiling granted on or after January 1, 2008.
Source Agencies: |
LBB Staff: | JOB, KJG, JW
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