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By: Watson |
S.B. No. 542 |
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(In the Senate - Filed January 31, 2019; February 21, 2019, |
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read first time and referred to Committee on Intergovernmental |
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Relations; April 11, 2019, reported adversely, with favorable |
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Committee Substitute by the following vote: Yeas 5, Nays 2; |
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April 11, 2019, sent to printer.) |
| Click here to see the committee vote |
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COMMITTEE SUBSTITUTE FOR S.B. No. 542 |
By: Schwertner |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of housing tax credits to developments |
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within proximate geographical areas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6711(f), Government Code, is |
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amended to read as follows: |
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(f) The board may allocate housing tax credits to more than |
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one development in a single community, as defined by department |
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rule, in the same calendar year [only] if: |
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(1) the developments are or will be located more than |
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two linear miles apart; or |
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(2) the following conditions are met: |
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(A) at least one of the developments will be |
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located wholly within a census tract: |
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(i) that has a poverty rate above 15 |
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percent; and |
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(ii) in which the median value of |
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owner-occupied homes has increased by 15 percent or more within the |
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five years preceding the date of the application; and |
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(B) the applicant for the development: |
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(i) has obtained prior approval of the |
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development from the governing body of the appropriate municipality |
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or county containing the development; and |
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(ii) has included in the application a |
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written statement of support from that governing body referencing |
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this section and authorizing an allocation of housing tax credits |
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for the development. [This subsection applies only to communities
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contained within counties with populations exceeding one million.] |
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SECTION 2. The change in law made by this Act applies only |
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to an application for low income housing tax credits that is |
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submitted to the Texas Department of Housing and Community Affairs |
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during an application cycle that is based on the 2020 qualified |
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allocation plan or a subsequent plan adopted by the governing board |
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of the department. An application that is submitted during an |
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application cycle that is based on an earlier qualified allocation |
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plan is governed by the law in effect on the date the application |
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cycle began, and the former law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2019. |
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* * * * * |