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A BILL TO BE ENTITLED
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AN ACT
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relating to a project authorized to be undertaken by certain Type B |
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economic development corporations in connection with certain |
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multifamily housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 505, Local Government |
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Code, is amended by adding Section 505.1531 to read as follows: |
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Sec. 505.1531. PROJECTS RELATED TO CERTAIN MULTIFAMILY |
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HOUSING IN CERTAIN SMALL MUNICIPALITIES. (a) This section applies |
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only to a Type B corporation authorized to be created by a |
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municipality that is located in a county with a population of less |
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than 50,000 that borders the Red River. |
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(b) For a Type B corporation to which this section applies, |
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"project" also includes land, buildings, equipment, facilities, |
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and improvements found by the board of directors to be required or |
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suitable for the development or construction of private multifamily |
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housing. |
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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, 2015. |