84R22899 JAM-D
By: Dutton H.B. No. 3660
Substitute the following for H.B. No. 3660:
By: Bernal C.S.H.B. No. 3660
A BILL TO BE ENTITLED
AN ACT
relating to low income housing tax credits awarded to at-risk
developments.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.6714(a), Government Code, is
amended to read as follows:
(a) The department shall set aside for eligible at-risk
developments not less than 20 [15] percent of the housing tax
credits available for allocation in the calendar year. Five percent
of the housing tax credits set aside under this section shall be
made available only with respect to developments that receive the
benefit of a subsidy under the Section 8 Housing Assistance
Payments Program administered by the United States Department of
Housing and Urban Development as specified by 24 C.F.R. Part 886.
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.