Bill Text: TX SB1315 | 2015-2016 | 84th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to low income housing tax credits awarded for at-risk developments.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Enrolled - Dead) 2015-06-18 - Effective on 9/1/15 [SB1315 Detail]

Download: Texas-2015-SB1315-Introduced.html
 
 
  By: Watson S.B. No. 1315
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to definition of an at-risk development for the low income
  housing tax credit program.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2306.6702(a)(5), Government Code, is
  amended to read as follows:
         (5)  "At-risk development" means:
               (A)  a development that:
                     (i)  has received the benefit of a subsidy in the
  form of a below-market interest rate loan, interest rate reduction,
  rental subsidy, Section 8 housing assistance payment, rental
  supplement payment, rental assistance payment, or equity incentive
  under the following federal laws, as applicable:
                           (a)  Sections 221(d)(3) and (5), National
  Housing Act (12 U.S.C. Section 1715l);
                           (b)  Section 236, National Housing Act (12
  U.S.C. Section 1715z-1);
                           (c)  Section 202, Housing Act of 1959 (12
  U.S.C. Section 1701q);
                           (d)  Section 101, Housing and Urban
  Development Act of 1965 (12 U.S.C. Section 1701s);
                           (e)  the Section 8 Additional Assistance
  Program for housing developments with HUD-Insured and HUD-Held
  Mortgages administered by the United States Department of Housing
  and Urban Development as specified by 24 C.F.R. Part 886, Subpart A;
                           (f)  the Section 8 Housing Assistance
  Program for the Disposition of HUD-Owned Projects administered by
  the United States Department of Housing and Urban Development as
  specified by 24 C.F.R. Part 886, Subpart C;
                           (g)  Sections 514, 515, and 516, Housing Act
  of 1949 (42 U.S.C. Sections 1484, 1485, and 1486); or
                           (h)  Section 42, Internal Revenue Code of
  1986 (26 U.S.C. Section 42); and
                     (ii)  is subject to the following conditions:
                           (a)  the stipulation to maintain
  affordability in the contract granting the subsidy is nearing
  expiration; or
                           (b)  the federally insured or HUD-Held
  mortgage on the development is eligible for prepayment or is
  nearing the end of its term; or
               (B)  a development that proposes to rehabilitate or
  reconstruct housing units that:
                     (i)  are owned by a public housing authority and
  receive assistance under Section 9, United States Housing Act of
  1937 (42 U.S.C. Section 1437g); or
                     (ii)  received assistance under Section 9, United
  States Housing Act of 1937 (42 U.S.C. Section 1437g) and:
                           (a)  are proposed to be disposed of or
  demolished by a public housing authority; or
                           (b)  have been disposed of or demolished by a
  public housing authority in the two-year period preceding the
  application for housing tax credits.
         SECTION 2.  This Act takes effect September 1, 2015.
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