Bill Text: TX SB542 | 2019-2020 | 86th Legislature | Engrossed
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
By: Watson | S.B. No. 542 |
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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 [ |
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(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. [ |
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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. |