Texas 2021 - 87th Regular

Texas House Bill HB467

Caption

Relating to provisions applicable to affordable housing located in a reinvestment zone in certain areas of the state; authorizing a fee.

Impact

The legislation stipulates that 20% of the revenue collected from the tax increment fund of the reinvestment zone should be allocated annually for the development, construction, and preservation of affordable housing within the zone and its adjacent areas. Moreover, at least 75% of this allocation must specifically benefit families earning at or below 80% of the area median family income. Importantly, the bill allows municipalities to impose fees on developers in lieu of meeting the affordable housing set-aside requirements, directing those funds into an affordable housing fund for local use.

Summary

House Bill 467 addresses provisions related to affordable housing situated within reinvestment zones in Texas. The bill mandates that municipalities, before designating new reinvestment zones, must prepare an affordable housing impact statement. This statement needs to outline the expected impacts on affordable housing availability over the next thirty years and must be publicly accessible for at least 60 days prior to a public hearing on the designation. This requirement is intended to ensure that municipalities consider the long-term effects of their zoning decisions on housing affordability.

Conclusion

If enacted, HB 467 would significantly affect existing regulations governing reinvestment zones by establishing clearer expectations for affordable housing contributions. By requiring thorough assessments of potential impacts and dedicating a portion of tax increment funds to housing, the bill aims to enhance local efforts to provide affordable living options while also holding municipalities accountable for their urban planning decisions.

Contention

Notably, the bill has been subject to debate regarding the extent of its potential impact on local governance. Proponents argue that the bill provides essential support for affordable housing amid rising costs, thereby assisting low-income families in accessing necessary resources. However, critics of the bill contend that it may create inconsistencies in the enforcement of housing policies at the local level, arguing that the flexibility given to municipalities could lead to insufficient action in support of affordable housing developments.

Companion Bills

No companion bills found.

Previously Filed As

TX HB739

Relating to provisions applicable to affordable housing located in a reinvestment zone in certain areas of the state; authorizing a fee.

TX HB3568

Relating to certain public facilities used to provide affordable housing; authorizing a fee; authorizing a penalty.

TX HB3383

Relating to the eligibility of certain municipalities to establish homestead preservation districts and reinvestment zones and to certain regulatory prohibitions applicable in those districts and zones.

TX HB2476

Relating to the adoption of a veterans' land bank program by the Texas State Affordable Housing Corporation.

TX HB2071

Relating to certain public facilities, including public facilities used to provide affordable housing.

TX SB1278

Relating to certain public facilities used to provide affordable housing.

TX HB5

Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.

TX HB4433

Relating to the authority of the board of directors of a tax increment financing reinvestment zone to use money in the tax increment fund established for the zone to compensate certain homeowners for the increase in taxes associated with the zone.

TX HB774

Relating to the ad valorem tax appraisal of an older residence homestead located in or near a tax increment financing reinvestment zone.

TX HB1718

Relating to rural development funds and insurance tax credits for certain investments in those funds; authorizing fees.

Similar Bills

NJ S1026

Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate reductions, deferrals, and accelerated deductions.

NJ A2530

Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate reductions, deferrals, and accelerated deductions.

NJ A3464

Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate reductions, deferrals, and accelerated deductions.

NJ S2087

Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate reductions, deferrals, and accelerated deductions.

UT SB0208

Housing and Transit Reinvestment Zone Amendments

UT SB0140

Housing and Transit Reinvestment Zone Amendments

UT SB0084

Housing and Transit Reinvestment Zone Amendments

UT SB0026

Housing and Transit Reinvestment Zone Amendments