Bill Text: TX SB542 | 2019-2020 | 86th Legislature | Engrossed

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Bill Title: Relating to the allocation of housing tax credits to developments within proximate geographical areas.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2019-05-16 - Reported favorably w/o amendment(s) [SB542 Detail]

Download: Texas-2019-SB542-Engrossed.html

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By: Watson S.B. No. 542

A BILL TO BE ENTITLED
AN ACT
relating to the allocation of housing tax credits to developments
within proximate geographical areas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.6711(f), Government Code, is
amended to read as follows:
(f) The board may allocate housing tax credits to more than
one development in a single community, as defined by department
rule, in the same calendar year [only] if:
(1) the developments are or will be located more than
two linear miles apart; or
(2) the following conditions are met:
(A) at least one of the developments will be
located wholly within a census tract:
(i) that has a poverty rate above 15
percent; and
(ii) in which the median value of
owner-occupied homes has increased by 15 percent or more within the
five years preceding the date of the application; and
(B) the applicant for the development:
(i) has obtained prior approval of the
development from the governing body of the appropriate municipality
or county containing the development; and
(ii) has included in the application a
written statement of support from that governing body referencing
this section and authorizing an allocation of housing tax credits
for the development. [This subsection applies only to communities
contained within counties with populations exceeding one million.]
SECTION 2. 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 2020 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 3. This Act takes effect September 1, 2019.