By: Shaheen H.B. No. 3591
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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 [$3] million in a single
  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  Section 2306.1112, Government Code, is repealed.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.