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A BILL TO BE ENTITLED
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AN ACT
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relating to low income housing tax credits awarded to at-risk |
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developments. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6714(a), Government Code, is |
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amended to read as follows: |
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(a) The department shall set aside for eligible at-risk |
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developments not less than 20 [15] percent of the housing tax |
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credits available for allocation in the calendar year. One-fourth |
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of the housing tax credits set aside under this section shall be |
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made available only with respect to developments that receive the |
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benefit of a subsidy under the Section 8 Housing Assistance |
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Payments Program administered by the United States Department of |
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Housing and Urban Development as specified by 24 C.F.R. Part 886. |
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SECTION 2. The change in law made by this Act applies only |
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to the allocation of low income housing tax credits for an |
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application cycle that begins on or after January 1, 2017. The |
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allocation of low income housing tax credits for an application |
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cycle that begins before January 1, 2017, is governed by the law in |
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effect on the date the application cycle began, and the former law |
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is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |