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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 for certain |
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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 2306.6711, Government Code, is amended |
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by adding Subsection (j) to read as follows: |
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(j) Except as necessary to comply with the nonprofit |
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set-aside required by Section 42(h)(5), Internal Revenue Code of |
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1986 (26 U.S.C. Section 42(h)(5)), and except as otherwise provided |
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by this subsection, in each urban subregion of a uniform state |
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service region that contains a municipality with a population of |
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285,000 or more, the board shall allocate housing tax credits to the |
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highest scoring development, if any, that qualifies as a supportive |
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housing project and is located in that urban subregion in a |
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municipality with a population of 285,000 or more. The department |
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by rule shall establish requirements for a supportive housing |
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project to qualify for housing tax credits under this subsection. |
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The department is not required to award housing tax credits to more |
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than the five highest scoring supportive housing projects under |
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this subsection in an application cycle. |
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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, 2019. 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, 2019, 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, 2017. |
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