Bill Text: TX HB2027 | 2021-2022 | 87th Legislature | Comm Sub

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Bill Title: Relating to the allocation of low income housing tax credits.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2021-05-25 - Placed on intent calendar [HB2027 Detail]

Download: Texas-2021-HB2027-Comm_Sub.html

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By: Cortez, et al. (Senate Sponsor - Lucio) H.B. No. 2027
(In the Senate - Received from the House May 17, 2021;
May 17, 2021, read first time and referred to Committee on Local
Government; May 22, 2021, reported favorably by the following
vote: Yeas 6, Nays 0; May 22, 2021, sent to printer.)
Click here to see the committee vote

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 2306.6725(b), Government Code, is
amended to read as follows:
(b) The department shall provide appropriate incentives as
determined through the qualified allocation plan to reward
applicants who agree to:
(1) equip the development that is the basis of the
application with energy saving devices that meet the standards
established by the state energy conservation office; or
(2) provide to a qualified entity, in a land use
restriction agreement in accordance with Section 2306.6726, a right
of first refusal to purchase the development at the minimum price
provided in, and in accordance with the requirements of, Section
42(i)(7), Internal Revenue Code of 1986 (26 U.S.C. Section
42(i)(7))[; and
[(2) locate the development in a census tract in which
there are no other existing developments supported by housing tax
credits].
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 2022 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, 2021.
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