Relating to the requirements for applications for low income housing tax credits for developments financed through the private activity bond program.
Impact
The implications of HB 293 could significantly shape the landscape of low income housing development in Texas. By requiring applicants to notify local entities and allowing local representatives to oppose developments proactively, the bill encourages a more collaborative approach towards housing development. This could potentially slow down the application process as developers may need to engage more with local authorities and address any concerns raised before moving forward with their projects.
Summary
House Bill 293 aims to enhance the requirements for applications related to low income housing tax credits specifically for developments financed through the private activity bond program. The bill mandates that applicants provide notification to relevant local authorities, including state representatives and municipal governing bodies, prior to submitting their applications. This is intended to promote greater transparency and community involvement in the planning processes for new developments, ensuring that potential impacts on local areas are considered before applications are formally submitted.
Contention
Some points of contention surrounding HB 293 may stem from concerns about the effectiveness of such requirements and how they could impede timely development of low income housing projects. Proponents argue that increased oversight and community involvement are necessary to ensure that developments meet local needs while opponents might view this as an additional bureaucratic hurdle that could deter investment in affordable housing initiatives. Additionally, critics may raise questions regarding the balance of power between local governments and state housing authorities in managing housing needs effectively.
Texas Constitutional Statutes Affected
Government Code
Chapter 2306. Texas Department Of Housing And Community Affairs