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Amend CSHB 2071 as follows:
(1) On page 4, line 9, strike "and".
(2) On page 5, line 2, between "Section 303.0425" and the underlined period, insert the following:
; and
(5) before final approval of the development:
(A) the corporation or corporation's sponsor conducts, or obtains from a professional entity that has experience underwriting affordable multifamily residential developments and does not have financial interests in the applicable development, public facility user, or developer, an underwriting assessment of the proposed development to determine the appropriate category of income-restricted units to require at the development; and
(B) based on the assessment conducted under Paragraph (A), the corporation makes a good faith determination that the total annual amount of rent reduction on the income-restricted units provided at the development will be not less than 60 percent of the estimated amount of the annual ad valorem taxes that would be imposed on the property without an exemption under Section 303.042(c), for:
(i) the first three years after the rent stabilization period, for newly constructed developments; and
(ii) the second, third, and fourth years after the date of acquisition by the corporation, for developments occupied at the time of acquisition