Amend HB 4550 (senate committee report) as follows:
(1) In SECTION 2 of the bill, in the transition language (page 1, line 39), strike "The change in law made by this Act" and substitute "Section 2306.67022, Government Code, as amended by this Act,".
(2) Add the following appropriately numbered SECTIONS to the bill and renumber the SECTIONS of the bill accordingly:
SECTION ____. Section 2306.6711(b), Government Code, is amended to read as follows:
(b) Not later than the deadline specified in the qualified allocation plan, the board shall issue commitments for available housing tax credits based on the application evaluation process provided by Section 2306.6710. The board may not allocate to an applicant housing tax credits in any unnecessary amount, as determined by the department's underwriting policy and by federal law, and in any event may not allocate to the applicant housing tax credits in an amount greater than $6 [$3] million in a single application round or to an individual development more than $2 million in a single application round.
SECTION ____. Section 2306.6724, Government Code, is amended by adding Subsection (g) to read as follows:
(g) Notwithstanding any other law, the department shall issue a final commitment for an allocation of housing tax credits not later than the 120th day following the date on which the department receives from an applicant a complete cost certification package, as prescribed by department rule, and the applicant has fulfilled any requests for information for the issuance of Internal Revenue Service Form 8609, or that form's successor.
SECTION ____. Section 2306.1112, Government Code, is repealed.
SECTION ____. Sections 2306.111, 2306.6711, and 2306.6724, Government Code, as amended by this Act, apply 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 2024 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.