| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to requirements for beneficial tax treatment related to a |
|
|
leasehold or other possessory interest in a public facility used to |
|
|
provide affordable housing. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 303.042(d), Local Government Code, is |
|
|
amended to read as follows: |
|
|
(d) An exemption under this section for a multifamily |
|
|
residential development which is owned by a public facility |
|
|
corporation created [by a housing authority] under this chapter and |
|
|
which does not have at least 20 percent of its units reserved for |
|
|
public housing units, applies only if: |
|
|
(1) the sponsor of the corporation [housing authority] |
|
|
holds a public hearing, at a regular meeting of the sponsor's |
|
|
[authority's] governing body, to approve the development; [and] |
|
|
(2) the governing body of each municipality, or county |
|
|
if the development is not located within a municipality, authorized |
|
|
by law to impose taxes on the property containing the development |
|
|
holds a public hearing and adopts a resolution approving the |
|
|
development; and |
|
|
(3) at least 50 percent of the units in the multifamily |
|
|
residential development are reserved for occupancy by individuals |
|
|
and families earning less than 80 percent of the area median family |
|
|
income. |
|
|
SECTION 2. The change in law made by Section 303.042(d), |
|
|
Local Government Code, as amended by this Act, applies only to a |
|
|
multifamily residential development that is approved on or after |
|
|
the effective date of this Act. A multifamily residential |
|
|
development that is approved before the effective date of this Act |
|
|
is governed by the law in effect on the date the development was |
|
|
approved, and the former law is continued in effect for that |
|
|
purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2023. |