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A BILL TO BE ENTITLED
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AN ACT
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relating to definition of an at-risk development for the low income |
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housing tax credit program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6702(a)(5), Government Code, is |
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amended to read as follows: |
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(5) "At-risk development" means: |
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(A) a development that: |
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(i) has received the benefit of a subsidy in the |
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form of a below-market interest rate loan, interest rate reduction, |
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rental subsidy, Section 8 housing assistance payment, rental |
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supplement payment, rental assistance payment, or equity incentive |
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under the following federal laws, as applicable: |
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(a) Sections 221(d)(3) and (5), National |
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Housing Act (12 U.S.C. Section 1715l); |
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(b) Section 236, National Housing Act (12 |
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U.S.C. Section 1715z-1); |
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(c) Section 202, Housing Act of 1959 (12 |
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U.S.C. Section 1701q); |
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(d) Section 101, Housing and Urban |
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Development Act of 1965 (12 U.S.C. Section 1701s); |
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(e) the Section 8 Additional Assistance |
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Program for housing developments with HUD-Insured and HUD-Held |
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Mortgages administered by the United States Department of Housing |
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and Urban Development as specified by 24 C.F.R. Part 886, Subpart A; |
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(f) the Section 8 Housing Assistance |
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Program for the Disposition of HUD-Owned Projects administered by |
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the United States Department of Housing and Urban Development as |
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specified by 24 C.F.R. Part 886, Subpart C; |
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(g) Sections 514, 515, and 516, Housing Act |
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of 1949 (42 U.S.C. Sections 1484, 1485, and 1486); or |
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(h) Section 42, Internal Revenue Code of |
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1986 (26 U.S.C. Section 42); and |
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(ii) is subject to the following conditions: |
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(a) the stipulation to maintain |
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affordability in the contract granting the subsidy is nearing |
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expiration; or |
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(b) the federally insured or HUD-Held |
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mortgage on the development is eligible for prepayment or is |
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nearing the end of its term; or |
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(B) a development that proposes to rehabilitate or |
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reconstruct housing units that: |
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(i) are owned by a public housing authority and |
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receive assistance under Section 9, United States Housing Act of |
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1937 (42 U.S.C. Section 1437g); or |
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(ii) received assistance under Section 9, United |
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States Housing Act of 1937 (42 U.S.C. Section 1437g) and: |
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(a) are proposed to be disposed of or |
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demolished by a public housing authority; or |
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(b) have been disposed of or demolished by a |
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public housing authority in the two-year period preceding the |
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application for housing tax credits. |
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SECTION 2. This Act takes effect September 1, 2015. |