Bill Text: TX HB3497 | 2015-2016 | 84th Legislature | Introduced


Bill Title: Relating to the award of points for affordable housing projects that are awarded low income housing tax credits.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-28 - Left pending in committee [HB3497 Detail]

Download: Texas-2015-HB3497-Introduced.html
 
 
  By: Alvarado H.B. No. 3497
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the award of points for affordable housing projects
  that are awarded low income housing tax credits.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2304.6725, Government Code, is amended
  to read as follows:
         (a)  In allocating low income housing tax credits, the
  department shall score each application using a point system based
  on criteria adopted by the department that are consistent with the
  department's housing goals, including criteria addressing the
  ability of the proposed project to:
               (1)  provide quality social support services to
  residents;
               (2)  demonstrate community and neighborhood support as
  defined by the qualified allocation plan;
               (3)  consistent with sound underwriting practices and
  when economically feasible, serve individuals and families of
  extremely low income by leveraging private and state and federal
  resources, including federal HOPE VI grants received through the
  United States Department of Housing and Urban Development;
               (4)  serve traditionally underserved areas;
               (5)  remain affordable to qualified tenants for an
  extended, economically feasible period; and
               (6)  comply with the accessibility standards that are
  required under Section 504, Rehabilitation Act of 1973 (29 U.S.C.
  Section 794), and specified under 24 C.F.R. Part 8, Subpart C;
               (7)  rehabilitate, not including reconstruction, any
  existing affordable housing development that is eligible to apply
  under 2306.6714;
               (8)  allow replacement of an affordable housing
  development that is eligible to apply under Section 2306.6714 and
  that is at least 50 years old at the time the application is
  submitted.
         (b)  The department shall provide appropriate incentives as
  determined through the qualified allocation plan to reward
  applicants who agree to:
               (1)  equip the property that is the basis of the
  application with energy saving devices that meet the standards
  established by the state energy conservation office or to provide
  to a qualified nonprofit organization or tenant organization a
  right of first refusal to purchase the property 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.
         (c)  On awarding tax credit allocations, the board shall
  document the reasons for each project's selection, including an
  explanation of:
               (1)  all discretionary factors used in making its
  determination; and
               (2)  the reasons for any decision that conflicts with
  the recommendations of department staff under Section 2306.6731.
         (d)  For each scoring criterion, the department shall use a
  range of points to evaluate the degree to which a proposed project
  satisfies the criterion.  The department may not award a number of
  points for a scoring criterion that is disproportionate to the
  degree to which a proposed project complies with that criterion.
         (e)  Subsections (7) and (8) shall receive an equal number of
  points, and such value shall be the greatest number of points
  awarded under this Section, but not more than the lowest scoring
  item under Section 2306.6710.
         (f)  Point under subsections (7) and (8) may only be awarded
  for applications to receive low income housing tax credits
  allocated under Section 2306.6714.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2015.
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