Bill Text: TX HB3775 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the availability of low-income housing tax credits for developments supported with private activity bonds.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-03-25 - Referred to Urban Affairs [HB3775 Detail]
Download: Texas-2013-HB3775-Introduced.html
83R10724 JAM-D | ||
By: Isaac | H.B. No. 3775 |
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relating to the availability of low-income housing tax credits for | ||
developments supported with private activity bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2306.67021, Government Code, is amended | ||
to read as follows: | ||
Sec. 2306.67021. APPLICABILITY OF SUBCHAPTER. To the | ||
extent permitted by federal law, this [ |
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allocation of housing tax credits to developments financed through | ||
the private activity bond program in the same way this subchapter | ||
applies to the allocation of housing tax credits to developments | ||
not financed through the private activity bond program. | ||
SECTION 2. Section 2306.6710, Government Code, is amended | ||
by amending Subsection (d) and adding Subsection (d-1) to read as | ||
follows: | ||
(d) Subject to Subsection (d-1), the [ |
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underwrite the applications ranked under Subsection (b) beginning | ||
with the applications with the highest scores in each region | ||
described by Section 2306.111(d) and in each set-aside category | ||
described in the qualified allocation plan. Based on application | ||
rankings, the department shall continue to underwrite applications | ||
until the department has processed enough applications satisfying | ||
the department's underwriting criteria to enable the allocation of | ||
all available housing tax credits according to regional allocation | ||
goals and set-aside categories. To enable the board to establish an | ||
applications waiting list under Section 2306.6711, the department | ||
shall underwrite as many additional applications as the board | ||
considers necessary to ensure that all available housing tax | ||
credits are allocated within the period required by law. The | ||
department shall underwrite an application to determine the | ||
financial feasibility of the development and an appropriate level | ||
of housing tax credits. In determining an appropriate level of | ||
housing tax credits, the department shall evaluate the cost of the | ||
development based on acceptable cost parameters as adjusted for | ||
inflation and as established by historical final cost | ||
certifications of all previous housing tax credit allocations for: | ||
(1) the county in which the development is to be | ||
located; | ||
(2) if certifications are unavailable under | ||
Subdivision (1), the metropolitan statistical area in which the | ||
development is to be located; or | ||
(3) if certifications are unavailable under | ||
Subdivisions (1) and (2), the uniform state service region in which | ||
the development is to be located. | ||
(d-1) A development to be financed through the private | ||
activity bond program is eligible for housing tax credits only if, | ||
with respect to other applications received in the subregion: | ||
(1) for new construction, the application received a | ||
score equal to or greater than the highest score awarded to any | ||
application for housing tax credits for a development that will not | ||
be supported through the bond program; or | ||
(2) for rehabilitation or reconstruction, the | ||
application received a score not lower than the lowest score | ||
awarded to any application for housing tax credits for a | ||
development that will not be supported through the bond program. | ||
SECTION 3. 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 begins on or after the effective | ||
date of this Act. An application that is submitted during an | ||
application cycle that began before the effective date of this Act | ||
is governed by the law in effect at the time the application cycle | ||
began, and the former law is continued in effect for that purpose. | ||
SECTION 4. This Act takes effect September 1, 2013. |