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A BILL TO BE ENTITLED
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AN ACT
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relating to a right of first refusal applicable to the sale of |
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housing developments that have received certain financial |
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assistance administered by the Texas Department of Housing and |
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Community Affairs. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6726(b), Government Code, is |
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amended to read as follows: |
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(b) The owner of a development subject to a right of first |
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refusal under Section 2306.6725 may: |
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(1) during the first 60-day period after notice is |
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provided under Subsection (a-1), negotiate or enter into a purchase |
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agreement only with a qualified entity that is: |
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(A) a community housing development organization |
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as defined by the federal HOME investment partnership program; [or] |
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(B) if the authority or the corporation owns the |
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fee title to the development owner's leasehold estate: |
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(i) a public housing authority; or |
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(ii) a public facility corporation created |
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by a public housing authority under Chapter 303, Local Government |
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Code; or |
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(C) controlled by an entity described by |
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Paragraph (A) or (B); |
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(2) during the second 60-day period after notice is |
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provided under Subsection (a-1), negotiate or enter into a purchase |
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agreement with a qualified entity that: |
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(A) is described by Section 2306.6706; |
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(B) is controlled by an entity described by |
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Paragraph (A); or |
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(C) is a tenant organization; and |
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(3) during the last 60-day period after notice is |
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provided under Subsection (a-1), negotiate or enter into a purchase |
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agreement with any other qualified entity. |
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SECTION 2. Section 2306.6726, Government Code, as amended |
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by this Act, applies to the sale of a development supported with an |
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allocation of low income housing tax credits issued before, on, or |
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after the effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2021. |