Bill Text: TX HB3591 | 2023-2024 | 88th Legislature | Engrossed
Bill Title: Relating to the allocation of low income housing tax credits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2023-05-15 - Referred to Local Government [HB3591 Detail]
Download: Texas-2023-HB3591-Engrossed.html
By: Shaheen | H.B. No. 3591 |
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relating to the allocation of low income housing tax credits. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. 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 [ |
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application round or to an individual development more than $2 | ||
million in a single application round. | ||
SECTION 2. 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 3. Section 2306.1112, Government Code, is repealed. | ||
SECTION 4. The change in law made by this Act applies 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. | ||
SECTION 5. This Act takes effect September 1, 2023. |