81R9415 ACP-D
By: Davis of Dallas H.B. No. 3535
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of certain low income housing tax credit
commitments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.111(d-1), Government Code, is
amended to read as follows:
(d-1) In allocating low income housing tax credit
commitments under Subchapter DD, the department shall, before
applying the regional allocation formula prescribed by Section
2306.1115, set aside for at-risk developments, as defined by
Section 2306.6702, not less than the minimum amount of housing tax
credits required under Section 2306.6714. Funds or credits are
also not required to be allocated according to the regional
allocation formula under Subsection (d) if:
(1) the funds or credits are reserved for
contract-for-deed conversions or for set-asides mandated by state
or federal law, including the nonprofit set-aside mandated by
Section 42(h)(5), Internal Revenue Code of 1986 (26 U.S.C. Section
42(h)(5)), and each contract-for-deed allocation or set-aside
allocation equals not more than 10 percent of the total allocation
of funds or credits for the applicable program;
(2) the funds or credits are allocated by the
department primarily to serve persons with disabilities; or
(3) the funds are housing trust funds administered by
the department under Sections 2306.201-2306.206 that are not
otherwise required to be set aside under state or federal law and do
not exceed $3 million during each application cycle.
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.