81R4763 JD-D
By: Rodriguez H.B. No. 1271
A BILL TO BE ENTITLED
AN ACT
relating to the required use of tax increment financing to provide
affordable housing in certain reinvestment zones.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 311.011, Tax Code, is amended by adding
Subsection (h) to read as follows:
(h) This subsection applies only to a zone that is located
in a county with a population of more than 800,000 and less than 1.4
million, is designated on or after January 1, 2005, and is or will
be served by a rail transportation project as defined by Section
311.01005. The project plan for the zone must:
(1) contain a residential component that includes the
construction of affordable housing in the zone;
(2) require that at least 25 percent of the tax
increment of the zone be used to acquire necessary real property and
construct the affordable housing until at least 10 percent of the
total square footage in the residential component as shown in the
project plan consists of multifamily rental properties and
single-family dwellings, half of which are affordable to
individuals or families with incomes at or below 30 percent of the
area median income, as determined by the Texas Department of
Housing and Community Affairs, adjusted for family size, and half
of which are affordable to individuals or families with incomes
above 30 percent and below 50 percent of the adjusted area median
income;
(3) require that the affordable housing consisting of
rental properties continue to be affordable for at least 30 years
from the date of construction and that the affordable housing
consisting of owner-occupied single-family dwellings continue to
be affordable for at least 10 years from the date of construction;
and
(4) include policies that govern the administration of
the affordability terms for affordable housing consisting of rental
properties and of owner-occupied single-family dwellings.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.