| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to low income housing tax credits awarded for certain |
|
|
developments. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 2306.6711, Government Code, is amended |
|
|
by adding Subsection (j) to read as follows: |
|
|
(j) Except as necessary to comply with the nonprofit |
|
|
set-aside required by Section 42(h)(5), Internal Revenue Code of |
|
|
1986 (26 U.S.C. Section 42(h)(5)), and except as otherwise provided |
|
|
by this subsection, in each urban subregion of a uniform state |
|
|
service region that contains a municipality with a population of |
|
|
285,000 or more, the board shall allocate housing tax credits to the |
|
|
highest scoring development, if any, that qualifies as a supportive |
|
|
housing project and is located in that urban subregion in a |
|
|
municipality with a population of 285,000 or more. The department |
|
|
by rule shall establish requirements for a supportive housing |
|
|
project to qualify for housing tax credits under this subsection. |
|
|
The department is not required to award housing tax credits to more |
|
|
than the five highest scoring supportive housing projects under |
|
|
this subsection in an application cycle. |
|
|
SECTION 2. The change in law made by this Act applies only |
|
|
to the allocation of low income housing tax credits for an |
|
|
application cycle that begins on or after January 1, 2019. The |
|
|
allocation of low income housing tax credits for an application |
|
|
cycle that begins before January 1, 2019, is governed by the law in |
|
|
effect on the date the application cycle began, and the former law |
|
|
is continued in effect for that purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2017. |