Texas 2017 - 85th Regular

Texas House Bill HB2947 Compare Versions

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Version 2 (New)

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1	1	85R7069 JAM-F
2	2	By: Moody H.B. No. 2947
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the eligibility of certain at-risk developments to
8	8	receive low income housing tax credits.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 2306.6702(a)(5), Government Code, is
11	11	amended to read as follows:
12	12	(5) "At-risk development" means:
13	13	(A) a development that:
14	14	(i) has received the benefit of a subsidy in
15	15	the form of a below-market interest rate loan, interest rate
16	16	reduction, rental subsidy, Section 8 housing assistance payment,
17	17	rental supplement payment, rental assistance payment, or equity
18	18	incentive under the following federal laws, as applicable:
19	19	(a) Sections 221(d)(3) and (5),
20	20	National Housing Act (12 U.S.C. Section 1715l);
21	21	(b) Section 236, National Housing Act
22	22	(12 U.S.C. Section 1715z-1);
23	23	(c) Section 202, Housing Act of 1959
24	24	(12 U.S.C. Section 1701q);
25	25	(d) Section 101, Housing and Urban
26	26	Development Act of 1965 (12 U.S.C. Section 1701s);
27	27	(e) the Section 8 Additional
28	28	Assistance Program for housing developments with HUD-Insured and
29	29	HUD-Held Mortgages administered by the United States Department of
30	30	Housing and Urban Development as specified by 24 C.F.R. Part 886,
31	31	Subpart A;
32	32	(f) the Section 8 Housing Assistance
33	33	Program for the Disposition of HUD-Owned Projects administered by
34	34	the United States Department of Housing and Urban Development as
35	35	specified by 24 C.F.R. Part 886, Subpart C;
36	36	(g) Sections 514, 515, and 516,
37	37	Housing Act of 1949 (42 U.S.C. Sections 1484, 1485, and 1486); or
38	38	(h) Section 42, Internal Revenue Code
39	39	of 1986 [(26 U.S.C. Section 42)]; and
40	40	(ii) is subject to the following
41	41	conditions:
42	42	(a) the stipulation to maintain
43	43	affordability in the contract granting the subsidy is nearing
44	44	expiration; or
45	45	(b) the HUD-insured or HUD-held
46	46	mortgage on the development is eligible for prepayment or is
47	47	nearing the end of its term; or
48	48	(B) a development that proposes to rehabilitate
49	49	or reconstruct housing units that:
50	50	(i) [are owned by a public housing
51	51	authority and] receive assistance under Section 9, United States
52	52	Housing Act of 1937 (42 U.S.C. Section 1437g) and are owned by:
53	53	(a) a public housing authority; or
54	54	(b) a public facility corporation
55	55	created by a public housing authority under Chapter 303, Local
56	56	Government Code;
57	57	(ii) received assistance under Section 9,
58	58	United States Housing Act of 1937 (42 U.S.C. Section 1437g) and:
59	59	(a) are proposed to be disposed of or
60	60	demolished by a public housing authority or a public facility
61	61	corporation created by a public housing authority under Chapter
62	62	303, Local Government Code; or
63	63	(b) have been disposed of or
64	64	demolished by a public housing authority or a public facility
65	65	corporation created by a public housing authority under Chapter
66	66	303, Local Government Code, in the two-year period preceding the
67	67	application for housing tax credits; or
68	68	(iii) receive assistance or will receive
69	69	assistance through the Rental Assistance Demonstration program
70	70	administered by the United States Department of Housing and Urban
71	71	Development as specified by the Consolidated and Further Continuing
72	72	Appropriations Act, [of] 2012 (Pub. L. No. 112-55) and its
73	73	subsequent amendments, if the application for assistance through
74	74	the Rental Assistance Demonstration program is included in the
75	75	applicable public housing [authority's annual] plan that was most
76	76	recently approved by the United States Department of Housing and
77	77	Urban Development as specified by 24 C.F.R. Section 903.23.
78	78	SECTION 2. Section 2306.6714, Government Code, is amended
79	79	by adding Subsection (a-2) to read as follows:
80	80	(a-2) Notwithstanding any other provision of law, an
81	81	at-risk development described by Section 2306.6702(a)(5)(B) that
82	82	was previously allocated housing tax credits set aside under
83	83	Subsection (a) does not lose eligibility for those credits if the
84	84	portion of units reserved for public housing as a condition of
85	85	eligibility for the credits under Subsection (a-1)(2) are later
86	86	converted under the Rental Assistance Demonstration program
87	87	administered by the United States Department of Housing and Urban
88	88	Development as specified by the Consolidated and Further Continuing
89	89	Appropriations Act, 2012 (Pub. L. No. 112-55) and its subsequent
90	90	amendments.
91	91	SECTION 3. This Act takes effect immediately if it receives
92	92	a vote of two-thirds of all the members elected to each house, as
93	93	provided by Section 39, Article III, Texas Constitution. If this
94	94	Act does not receive the vote necessary for immediate effect, this
95	95	Act takes effect September 1, 2017.