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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of certain low income housing tax credit |
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commitments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.111(d-1), Government Code, is |
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amended to read as follows: |
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(d-1) In allocating low income housing tax credit |
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commitments under Subchapter DD, the department shall, before |
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applying the regional allocation formula prescribed by Section |
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2306.1115, set aside for at-risk developments, as defined by |
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Section 2306.6702, not less than the minimum amount of housing tax |
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credits required under Section 2306.6714. Funds or credits are |
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also not required to be allocated according to the regional |
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allocation formula under Subsection (d) if: |
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(1) the funds or credits are reserved for |
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contract-for-deed conversions or for set-asides mandated by state |
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or federal law, including the nonprofit set-aside mandated by |
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Section 42(h)(5), Internal Revenue Code of 1986 (26 U.S.C. Section |
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42(h)(5)), and each contract-for-deed allocation or set-aside |
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allocation equals not more than 10 percent of the total allocation |
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of funds or credits for the applicable program; |
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(2) the funds or credits are allocated by the |
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department primarily to serve persons with disabilities; or |
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(3) the funds are housing trust funds administered by |
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the department under Sections 2306.201-2306.206 that are not |
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otherwise required to be set aside under state or federal law and do |
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not exceed $3 million during each application cycle. |
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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. |