Relating to housing; providing property tax exemptions and relief relating to housing; providing a civil penalty; authorizing a fee.
Impact
The proposed bill significantly alters state laws related to housing finance and taxation. By offering property tax exemptions for certain qualified residential properties, it aims to reduce the financial burden on landlords and increase the accessibility of rental homes for low-income tenants. Additionally, creating a down payment assistance program will support first-time homebuyers in overcoming economic barriers to home ownership. This will potentially lead to a more significant investment in affordable housing across the state, contributing to the overall improvement in housing stability and community development.
Summary
House Bill 5166 is a comprehensive legislative proposal aimed at improving housing conditions and affordability in Texas. It provides mechanisms for property tax exemptions for leased residential real properties and establishes a down payment assistance program targeting first-time homebuyers. Specifically, first-time homebuyers can receive a $10,000 grant to assist in securing their initial home purchase. The bill intends to aid low-income families and individuals by enhancing access to housing through the Housing Trust Fund, which is allocated for various forms of assistance including rental support and emergency repairs.
Contention
Notable points of contention surrounding HB 5166 include concerns over the potential impact on corporate ownership of single-family homes. The bill imposes restrictions on corporate acquisitions of single-family homes, which could be controversial among real estate investors and developers. Additionally, critics may argue that providing substantial tax exemptions could negatively affect local tax revenues. However, proponents of the bill argue that the long-term benefits of increased affordable housing options will outweigh such fiscal concerns, emphasizing the urgent need for housing solutions in the state.
Texas Constitutional Statutes Affected
Penal Code
Chapter 38. Obstructing Governmental Operation
Section: 12
Property Code
Chapter 24. Forcible Entry And Detainer
Section: New Section
Chapter 92. Residential Tenancies
Section: 011
Section: 019
Chapter 5. Conveyances
Section: New Section
Chapter 11. Provisions Generally Applicable To Public Records
Section: New Section
Tax Code
Chapter 11. Taxable Property And Exemptions
Section: New Section
Chapter 5. State Administration
Section: New Section
Government Code
Chapter 27. Justice Courts
Section: New Section
Chapter 2306. Texas Department Of Housing And Community Affairs
Section: 202
Section: New Section
Education Code
Chapter 86. Texas A & M University
Section: New Section
Local Government Code
Chapter 392. Housing Authorities Established By Municipalities And Counties
Enabling for
Proposing a constitutional amendment to authorize the legislature to provide for an exemption from ad valorem taxation by a school district of a portion of the market value of certain leased residential real properties, to establish and prescribe the permissible uses of the property tax relief to rental households fund, and to include payments from the property tax relief to rental households fund in the exception of certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee.
Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee.
Relating to the exemption from ad valorem taxation of certain property owned by a charitable organization that is engaged in providing housing and related facilities and services to persons who are at least 62 years of age.
Relating to the exemption from ad valorem taxation of certain property owned by a charitable organization that is engaged in providing housing and related facilities and services to persons who are at least 62 years of age.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to the issuance by the Texas Department of Housing and Community Affairs of certain federal forms for purposes of allocating low income housing tax credits; authorizing an administrative penalty.
Relating to the regulation of migrant labor housing facilities; authorizing an increase in the amount of a fee; changing the amount of a civil penalty.