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