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A BILL TO BE ENTITLED
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AN ACT
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relating to the required use of tax increment financing to provide |
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affordable housing in certain reinvestment zones. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.011, Tax Code, is amended by adding |
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Subsection (h) to read as follows: |
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(h) This subsection applies only to a zone that is located |
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in a county with a population of more than 800,000 and less than 1.4 |
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million, is designated on or after January 1, 2005, and is or will |
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be served by a rail transportation project as defined by Section |
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311.01005. The project plan for the zone must: |
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(1) contain a residential component that includes the |
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construction of affordable housing in the zone; |
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(2) require that at least 25 percent of the tax |
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increment of the zone be used to acquire necessary real property and |
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construct the affordable housing until at least 10 percent of the |
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total square footage in the residential component as shown in the |
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project plan consists of multifamily rental properties and |
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single-family dwellings, half of which are affordable to |
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individuals or families with incomes at or below 30 percent of the |
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area median income, as determined by the Texas Department of |
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Housing and Community Affairs, adjusted for family size, and half |
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of which are affordable to individuals or families with incomes |
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above 30 percent and below 50 percent of the adjusted area median |
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income; |
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(3) require that the affordable housing consisting of |
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rental properties continue to be affordable for at least 30 years |
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from the date of construction and that the affordable housing |
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consisting of owner-occupied single-family dwellings continue to |
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be affordable for at least 10 years from the date of construction; |
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and |
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(4) include policies that govern the administration of |
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the affordability terms for affordable housing consisting of rental |
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properties and of owner-occupied single-family dwellings. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |