Bill Text: TX HB4370 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the system by which an application for a low income housing tax credit is scored.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-04-25 - Left pending in committee [HB4370 Detail]
Download: Texas-2019-HB4370-Introduced.html
86R16629 JAM-D | ||
By: E. Johnson of Dallas | H.B. No. 4370 |
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relating to the system by which an application for a low income | ||
housing tax credit is scored. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2306.6710(b), Government Code, is | ||
amended to read as follows: | ||
(b) If an application satisfies the threshold criteria, the | ||
department shall score and rank the application using a point | ||
system that: | ||
(1) prioritizes in descending order criteria | ||
regarding: | ||
(A) financial feasibility of the development | ||
based on the supporting financial data required in the application | ||
that will include a project underwriting pro forma from the | ||
permanent or construction lender; | ||
(B) [ |
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development; | ||
(C) [ |
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(D) [ |
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(E) [ |
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foot; | ||
(F) [ |
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of the development; | ||
(G) [ |
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application is submitted or at any time within the two-year period | ||
preceding the date of submission, the proposed development site is | ||
located in an area declared to be a disaster under Section 418.014; | ||
and | ||
(H) [ |
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with respect to the development, evaluated on the basis of written | ||
statements from any neighborhood organizations on record with the | ||
state or county in which the development is to be located and whose | ||
boundaries contain the proposed development site; [ |
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(2) uses criteria imposing penalties on applicants or | ||
affiliates who have requested extensions of department deadlines | ||
relating to developments supported by housing tax credit | ||
allocations made in the application round preceding the current | ||
round or a developer or principal of the applicant that has been | ||
removed by the lender, equity provider, or limited partners for its | ||
failure to perform its obligations under the loan documents or | ||
limited partnership agreement; and | ||
(3) encourages applicants to provide free notary | ||
public service to the residents of the developments for which the | ||
allocation of housing tax credits is requested. | ||
SECTION 2. Sections 2306.6710(f) and 2306.6718, Government | ||
Code, are repealed. | ||
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 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 4. This Act takes effect September 1, 2019. |