By: Collier, Alvarado, Bernal H.B. No. 3535
(Senate Sponsor - Menéndez)
(In the Senate - Received from the House May 6, 2015;
May 13, 2015, read first time and referred to Committee on
Intergovernmental Relations; May 21, 2015, reported adversely,
with favorable Committee Substitute by the following vote: Yeas 6,
Nays 1; May 21, 2015, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR H.B. No. 3535 By: Menéndez
A BILL TO BE ENTITLED
AN ACT
relating to low income housing tax credits awarded for certain
developments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.6711, Government Code, is amended
by adding Subsection (g) to read as follows:
(g) Except as necessary to comply with the nonprofit
set-aside required by Section 42(h)(5), Internal Revenue Code of
1986 (26 U.S.C. Section 42(h)(5)), in an urban subregion of a
uniform state service region that contains a county with a
population of more than 1,700,000, the board shall allocate housing
tax credits to:
(1) the highest scoring development, if any, that is
part of a concerted plan of revitalization and is located in that
urban subregion in a municipality with a population of 500,000 or
more; and
(2) the highest scoring development, if any, that is
located in the census tract with the lowest percentage of poverty in
that urban subregion, as determined by the department.
SECTION 2. The change in law made by this Act applies only
to the allocation of low income housing tax credits for an
application cycle that begins on or after January 1, 2017. The
allocation of low income housing tax credits for an application
cycle that begins before January 1, 2017, is governed by the law in
effect on the date the application cycle began, and the former law
is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2015.
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