Bill Text: TX SB233 | 2019-2020 | 86th Legislature | Introduced


Bill Title: Relating to the issuance of private activity bonds for qualified residential rental projects.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-02-07 - Referred to Intergovernmental Relations [SB233 Detail]

Download: Texas-2019-SB233-Introduced.html
  86R3067 JAM-D
 
  By: Menéndez S.B. No. 233
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the issuance of private activity bonds for qualified
  residential rental projects.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1372.037(a), Government Code, is amended
  to read as follows:
         (a)  Except as provided by Subsection (b), before August 15
  the board may not grant for any single project a reservation for
  that year that is greater than:
               (1)  $40 million, if the issuer is an issuer of
  qualified mortgage bonds, other than the Texas Department of
  Housing and Community Affairs or the Texas State Affordable Housing
  Corporation;
               (2)  $50 million, if the issuer is an issuer of a
  state-voted issue, other than the Texas Higher Education
  Coordinating Board, or $75 million, if the issuer is the Texas
  Higher Education Coordinating Board;
               (3)  the amount to which the Internal Revenue Code
  limits issuers of qualified small issue bonds and enterprise zone
  facility bonds, if the issuer is an issuer of those bonds;
               (4)  $30 million, if the issuer is an issuer [the lesser
  of $20 million or 15 percent of the amount set aside for reservation
  by issuers] of qualified residential rental project bonds[, if the
  issuer is an issuer of those bonds];
               (5)  the amount as prescribed in Section [Sections]
  1372.033(d), [(e), and (f),] if the issuer is an issuer authorized
  by Section 53B.47, Education Code, to issue qualified student loan
  bonds; or
               (6)  $50 million, if the issuer is any other issuer of
  bonds that require an allocation.
         SECTION 2.  This Act takes effect September 1, 2019.
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