81R4352 JAM-D
By: Lucio S.B. No. 991
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of housing tax credits to developments
in rural areas under the low income housing tax credit program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.67022, Government Code, is amended
to read as follows:
Sec. 2306.67022. QUALIFIED ALLOCATION PLAN; MANUAL. (a)
The board annually shall adopt a qualified allocation plan and a
corresponding manual to provide information regarding the
administration of and eligibility for the low income housing tax
credit program.
(b) The board shall adopt any provisions in the qualified
allocation plan that the board considers necessary to facilitate
the efficient delivery of multifamily housing to rural areas in
this state.
SECTION 2. Section 2306.6723(b), Government Code, is
amended to read as follows:
(b) The rural development agency shall assist in developing
all threshold, scoring, and underwriting criteria applied to
applications eligible for the rural area set-aside. The criteria
must be approved by that agency. To the extent permitted by federal
law and notwithstanding any funding priorities otherwise provided
by state law, the threshold, scoring, and underwriting criteria
developed and approved under this section must ensure that
applications for allocations of housing tax credits to small-scale
developments located in rural areas are not placed, based solely on
the size of the proposed developments, at a competitive
disadvantage with applications for allocations of housing tax
credits to other developments located in those areas. For purposes
of this subsection, "small-scale development" means a development
with fewer than 33 units.
SECTION 3. The changes in law made by this Act apply only to
an application cycle that begins on or after the effective date of
this Act. An application cycle that begins before the effective
date of this Act is governed by the law in effect when the
application cycle began, and the former law is continued in effect
for that purpose.
SECTION 4. This Act takes effect September 1, 2009.