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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of private activity bonds for qualified |
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residential rental projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1372.037(a), Government Code, is amended |
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to read as follows: |
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(a) Except as provided by Subsection (b), before August 15 |
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the board may not grant for any single project a reservation for |
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that year that is greater than: |
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(1) $40 million, if the issuer is an issuer of |
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qualified mortgage bonds, other than the Texas Department of |
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Housing and Community Affairs or the Texas State Affordable Housing |
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Corporation; |
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(2) $50 million, if the issuer is an issuer of a |
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state-voted issue, other than the Texas Higher Education |
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Coordinating Board, or $75 million, if the issuer is the Texas |
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Higher Education Coordinating Board; |
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(3) the amount to which the Internal Revenue Code |
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limits issuers of qualified small issue bonds and enterprise zone |
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facility bonds, if the issuer is an issuer of those bonds; |
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(4) $30 million, if the issuer is an issuer [the lesser
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of $20 million or 15 percent of the amount set aside for reservation
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by issuers] of qualified residential rental project bonds[, if the
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issuer is an issuer of those bonds]; |
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(5) the amount as prescribed in Section [Sections] |
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1372.033(d), [(e), and (f),] if the issuer is an issuer authorized |
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by Section 53B.47, Education Code, to issue qualified student loan |
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bonds; or |
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(6) $50 million, if the issuer is any other issuer of |
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bonds that require an allocation. |
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SECTION 2. This Act takes effect September 1, 2019. |