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AN ACT
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relating to the allocation of low income housing tax credits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.67022, Government Code, is amended |
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to read as follows: |
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Sec. 2306.67022. QUALIFIED ALLOCATION PLAN; MANUAL. (a) |
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At least biennially, the board shall adopt a qualified allocation |
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plan and a corresponding manual to provide information regarding |
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the administration of and eligibility for the low income housing |
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tax credit program. The board may adopt the plan and manual |
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annually, as considered appropriate by the board. |
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(b) The board shall adjust to reflect inflation any amount |
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specified in the qualified allocation plan relating to the |
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acceptable cost of a development by square foot. The board shall use |
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2021 as the base year for the adjustment. |
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(c) In making the computation under Subsection (b), the |
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board shall consider the Consumer Price Index for All Urban |
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Consumers, or its successor in function, published by the United |
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States Bureau of Labor Statistics. |
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SECTION 2. Section 2306.6711(b), Government Code, is |
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amended to read as follows: |
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(b) Not later than the deadline specified in the qualified |
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allocation plan, the board shall issue commitments for available |
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housing tax credits based on the application evaluation process |
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provided by Section 2306.6710. The board may not allocate to an |
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applicant housing tax credits in any unnecessary amount, as |
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determined by the department's underwriting policy and by federal |
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law, and in any event may not allocate to the applicant housing tax |
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credits in an amount greater than $6 [$3] million in a single |
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application round or to an individual development more than $2 |
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million in a single application round. |
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SECTION 3. Section 2306.6724, Government Code, is amended |
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by adding Subsection (g) to read as follows: |
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(g) Notwithstanding any other law, the department shall |
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issue a final commitment for an allocation of housing tax credits |
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not later than the 120th day following the date on which the |
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department receives from an applicant a complete cost certification |
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package, as prescribed by department rule, and the applicant has |
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fulfilled any requests for information for the issuance of Internal |
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Revenue Service Form 8609, or that form's successor. |
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SECTION 4. Section 2306.1112, Government Code, is repealed. |
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SECTION 5. Section 2306.67022, Government Code, as amended |
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by this Act, applies to the adoption of a qualified allocation plan |
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and corresponding manual for the state fiscal biennium beginning |
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September 1, 2023. |
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SECTION 6. Sections 2306.111, 2306.6711, and 2306.6724, |
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Government Code, as amended by this Act, apply only to an |
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application for low income housing tax credits that is submitted to |
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the Texas Department of Housing and Community Affairs during an |
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application cycle that is based on the 2024 qualified allocation |
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plan or a subsequent plan adopted by the governing board of the |
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department. An application that is submitted during an application |
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cycle that is based on an earlier qualified allocation plan is |
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governed by the law in effect on the date the application cycle |
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began, and the former law is continued in effect for that purpose. |
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SECTION 7. This Act takes effect September 1, 2023. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 4550 was passed by the House on May 2, |
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2023, by the following vote: Yeas 130, Nays 14, 3 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 4550 on May 25, 2023, by the following vote: Yeas 126, Nays 17, |
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2 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 4550 was passed by the Senate, with |
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amendments, on May 23, 2023, by the following vote: Yeas 28, Nays |
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3. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |