Bill Text: TX SB403 | 2021-2022 | 87th Legislature | Engrossed

Texas Senate Bill 403 (Prior Session Legislation)

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Bill Title: Relating to a right of first refusal applicable to the sale of housing developments that have received certain financial assistance administered by the Texas Department of Housing and Community Affairs.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2021-06-16 - Effective on 9/1/21 [SB403 Detail]

Download: Texas-2021-SB403-Engrossed.html



	By: Johnson	S.B. No. 403


	A BILL TO BE ENTITLED
	AN ACT
	relating to a right of first refusal applicable to the sale of
	housing developments that have received certain financial
	assistance administered by the Texas Department of Housing and
	Community Affairs.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 2306.6726(b), Government Code, is
	amended to read as follows:
	(b) The owner of a development subject to a right of first
	refusal under Section 2306.6725 may:
	(1) during the first 60-day period after notice is
	provided under Subsection (a-1), negotiate or enter into a purchase
	agreement only with a qualified entity that is:
	(A) a community housing development organization
	as defined by the federal HOME investment partnership program; [or]
	(B) if the authority or the corporation owns the
	fee title to the development owner's leasehold estate:
	(i) a public housing authority; or
	(ii) a public facility corporation created
	by a public housing authority under Chapter 303, Local Government
	Code; or
	(C) controlled by an entity described by
	Paragraph (A) or (B);
	(2) during the second 60-day period after notice is
	provided under Subsection (a-1), negotiate or enter into a purchase
	agreement with a qualified entity that:
	(A) is described by Section 2306.6706;
	(B) is controlled by an entity described by
	Paragraph (A); or
	(C) is a tenant organization; and
	(3) during the last 60-day period after notice is
	provided under Subsection (a-1), negotiate or enter into a purchase
	agreement with any other qualified entity.
	SECTION 2. Section 2306.6726, Government Code, as amended
	by this Act, applies to the sale of a development supported with an
	allocation of low income housing tax credits issued before, on, or
	after the effective date of this Act.
	SECTION 3. This Act takes effect September 1, 2021.