By: Cortez, et al. H.B. No. 2027
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the allocation of low income housing tax credits.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2306.6725(b), Government Code, is
  amended to read as follows:
         (b)  The department shall provide appropriate incentives as
  determined through the qualified allocation plan to reward
  applicants who agree to:
               (1)  equip the development that is the basis of the
  application with energy saving devices that meet the standards
  established by the state energy conservation office; or
               (2)  provide to a qualified entity, in a land use
  restriction agreement in accordance with Section 2306.6726, a right
  of first refusal to purchase the development at the minimum price
  provided in, and in accordance with the requirements of, Section
  42(i)(7), Internal Revenue Code of 1986 (26 U.S.C. Section
  42(i)(7))[; and
               [(2)  locate the development in a census tract in which
  there are no other existing developments supported by housing tax
  credits].
         SECTION 2.  The change in law made by this Act applies only
  to an application for low income housing tax credits that is
  submitted to the Texas Department of Housing and Community Affairs
  during an application cycle that is based on the 2022 qualified
  allocation plan or a subsequent plan adopted by the governing board
  of the department. An application that is submitted during an
  application cycle that is based on an earlier qualified allocation
  plan 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, 2021.