81R9386 JAM-D
By: Davis of Dallas H.B. No. 2297
A BILL TO BE ENTITLED
AN ACT
relating to the administration of the low income housing tax credit
program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.6711, Government Code, is amended
by amending Subsection (b) and adding Subsection (g) to read as
follows:
(b) Not later than the deadline specified in the qualified
allocation plan, the board shall issue commitments for available
housing tax credits based on the application evaluation process
provided by Section 2306.6710. The board may not allocate to an
applicant housing tax credits in any unnecessary amount, as
determined by the department's underwriting policy and by federal
law, and in any event may not, except as permitted by Subsection
(g), allocate to the applicant housing tax credits in an amount
greater than $3 [$2] million in a single application round.
(g) Beginning in 2012, on January 1 of each even-numbered
year, the department may adjust the maximum amount of the
allocation prescribed by Subsection (b) by an amount equal to the
amount prescribed by that subsection multiplied by the percentage
change during the preceding state fiscal biennium in the Consumer
Price Index for All Urban Consumers (CPI-U), U.S. City Average,
published monthly by the United States Bureau of Labor Statistics,
or its successor in function. The department shall publish the new
amount in the qualified allocation plan.
SECTION 2. The change in law made by this Act to Section
2306.6711, Government Code, applies only to an application for low
income housing tax credits that is submitted to the Texas
Department of Housing and Community Affairs during an application
cycle that begins on or after the effective date of this Act. An
application that was submitted during an application cycle that
began before the effective date of this Act is governed by the law
in effect at the time the application cycle began, and the former
law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2009.