Bill Text: TX SB958 | 2019-2020 | 86th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2019-05-10 - Committee report sent to Calendars [SB958 Detail]
Download: Texas-2019-SB958-Comm_Sub.html
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.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2019-05-10 - Committee report sent to Calendars [SB958 Detail]
Download: Texas-2019-SB958-Comm_Sub.html
By: Johnson | S.B. No. 958 | |
(In the Senate - Filed February 21, 2019; March 1, 2019, | ||
read first time and referred to Committee on Intergovernmental | ||
Relations; April 25, 2019, reported favorably by the following | ||
vote: Yeas 6, Nays 1; April 25, 2019, sent to printer.) | ||
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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, 2019. | ||
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