Bill Text: TX SB403 | 2021-2022 | 87th Legislature | Enrolled
Bill Title: Relating to a right of first refusal applicable to the sale of housing developments that have received certain financial assistance administered by the Texas Department of Housing and Community Affairs.
Sponsorship: Partisan Bill (Democrat 2)
Status: (Passed) 2021-06-16 - Effective on 9/1/21 [SB403 Detail]
Download: Texas-2021-SB403-Enrolled.html
| S.B. No. 403 | ||
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| relating to a right of first refusal applicable to the sale of | ||
| housing developments that have received certain financial | ||
| assistance administered by the Texas Department of Housing and | ||
| Community Affairs. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2306.6726(b), Government Code, is | ||
| amended to read as follows: | ||
| (b) The owner of a development subject to a right of first | ||
| refusal under Section 2306.6725 may: | ||
| (1) during the first 60-day period after notice is | ||
| provided under Subsection (a-1), negotiate or enter into a purchase | ||
| agreement only with a qualified entity that is: | ||
| (A) a community housing development organization | ||
| as defined by the federal HOME investment partnership program; [ |
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| (B) if the authority or the corporation owns the | ||
| fee title to the development owner's leasehold estate: | ||
| (i) a public housing authority; or | ||
| (ii) a public facility corporation created | ||
| by a public housing authority under Chapter 303, Local Government | ||
| Code; or | ||
| (C) controlled by an entity described by | ||
| Paragraph (A) or (B); | ||
| (2) during the second 60-day period after notice is | ||
| provided under Subsection (a-1), negotiate or enter into a purchase | ||
| agreement with a qualified entity that: | ||
| (A) is described by Section 2306.6706; | ||
| (B) is controlled by an entity described by | ||
| Paragraph (A); or | ||
| (C) is a tenant organization; and | ||
| (3) during the last 60-day period after notice is | ||
| provided under Subsection (a-1), negotiate or enter into a purchase | ||
| agreement with any other qualified entity. | ||
| SECTION 2. Section 2306.6726, Government Code, as amended | ||
| by this Act, applies to the sale of a development supported with an | ||
| allocation of low income housing tax credits issued before, on, or | ||
| after the effective date of this Act. | ||
| SECTION 3. This Act takes effect September 1, 2021. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 403 passed the Senate on | ||
| May 5, 2021, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 403 passed the House on | ||
| May 25, 2021, by the following vote: Yeas 87, Nays 59, one present | ||
| not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
