| Old | New | Differences | |
|---|---|---|---|
| 1 | - | 84R22899 JAM-D | |
| 2 | 1 | By: Dutton H.B. No. 3660 | |
| 3 | - | Substitute the following for H.B. No. 3660: | |
| 4 | - | By: Bernal C.S.H.B. No. 3660 | |
| 5 | 2 | ||
| 6 | 3 | ||
| 7 | 4 | A BILL TO BE ENTITLED | |
| 8 | 5 | AN ACT | |
| 9 | 6 | relating to low income housing tax credits awarded to at-risk | |
| 10 | 7 | developments. | |
| 11 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 12 | 9 | SECTION 1. Section 2306.6714(a), Government Code, is | |
| 13 | 10 | amended to read as follows: | |
| 14 | 11 | (a) The department shall set aside for eligible at-risk | |
| 15 | 12 | developments not less than 20 [15] percent of the housing tax | |
| 16 | - | credits available for allocation in the calendar year. | |
| 13 | + | credits available for allocation in the calendar year. One-fourth | |
| 17 | 14 | of the housing tax credits set aside under this section shall be | |
| 18 | 15 | made available only with respect to developments that receive the | |
| 19 | 16 | benefit of a subsidy under the Section 8 Housing Assistance | |
| 20 | 17 | Payments Program administered by the United States Department of | |
| 21 | 18 | Housing and Urban Development as specified by 24 C.F.R. Part 886. | |
| 22 | 19 | SECTION 2. The change in law made by this Act applies only | |
| 23 | 20 | to the allocation of low income housing tax credits for an | |
| 24 | 21 | application cycle that begins on or after January 1, 2017. The | |
| 25 | 22 | allocation of low income housing tax credits for an application | |
| 26 | 23 | cycle that begins before January 1, 2017, is governed by the law in | |
| 27 | 24 | effect on the date the application cycle began, and the former law | |
| 28 | 25 | is continued in effect for that purpose. | |
| 29 | 26 | SECTION 3. This Act takes effect September 1, 2015. |