Bill Text: TX SB1315 | 2015-2016 | 84th Legislature | Engrossed
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-Engrossed.html
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-Engrossed.html
| By: Watson | S.B. No. 1315 | |
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| relating to low income housing tax credits awarded for at-risk | ||
| developments. | ||
| 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 HUD-insured or HUD-held | ||
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| 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. The change in law made by this Act applies only | ||
| to an application for low income housing tax credits that is | ||
| submitted on or after the effective date of this Act. An | ||
| application for low income housing tax credits that is submitted | ||
| before the effective date of this Act is governed by the law in | ||
| effect when the application was submitted, and the former law is | ||
| continued in effect for that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2015. | ||
