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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, Government Code, is amended |
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by amending Subsection (f) and adding Subsection (f-2) to read as |
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follows: |
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(f) Except as provided by Subsections [Subsection] (f-1) |
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and (f-2), 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 the developments are or will |
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be located more than two linear miles apart. This subsection |
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applies only to communities contained within counties with |
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populations exceeding one million. |
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(f-2) The board may allocate housing tax credits to more |
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than one development in a single community only if: |
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(1) at least one of the developments will be located |
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wholly within a census tract 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; |
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(2) the governing body of the municipality containing |
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the development or, if located outside a municipality, the county |
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containing the development adopts a resolution that references this |
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section and authorizes an allocation of housing tax credits for the |
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development; and |
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(3) the applicant for the development includes in the |
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application a copy of the resolution described by Subdivision (2). |
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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 2022 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, 2021. |