Texas 2017 - 85th Regular

Texas Senate Bill SB1238 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Rodríguez S.B. No. 1238
2		-	(Moody)
	1	+	S.B. No. 1238
3	2
4	3
5		-	A BILL TO BE ENTITLED
6	4		AN ACT
7	5		relating to the eligibility of certain at-risk developments to
8	6		receive low income housing tax credits.
9	7		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	8		SECTION 1. Section 2306.6702(a)(5), Government Code, is
11	9		amended to read as follows:
12	10		(5) "At-risk development" means:
13	11		(A) a development that:
14	12		(i) has received the benefit of a subsidy in
15	13		the form of a below-market interest rate loan, interest rate
16	14		reduction, rental subsidy, Section 8 housing assistance payment,
17	15		rental supplement payment, rental assistance payment, or equity
18	16		incentive under the following federal laws, as applicable:
19	17		(a) Sections 221(d)(3) and (5),
20	18		National Housing Act (12 U.S.C. Section 1715l);
21	19		(b) Section 236, National Housing Act
22	20		(12 U.S.C. Section 1715z-1);
23	21		(c) Section 202, Housing Act of 1959
24	22		(12 U.S.C. Section 1701q);
25	23		(d) Section 101, Housing and Urban
26	24		Development Act of 1965 (12 U.S.C. Section 1701s);
27	25		(e) the Section 8 Additional
28	26		Assistance Program for housing developments with HUD-Insured and
29	27		HUD-Held Mortgages administered by the United States Department of
30	28		Housing and Urban Development as specified by 24 C.F.R. Part 886,
31	29		Subpart A;
32	30		(f) the Section 8 Housing Assistance
33	31		Program for the Disposition of HUD-Owned Projects administered by
34	32		the United States Department of Housing and Urban Development as
35	33		specified by 24 C.F.R. Part 886, Subpart C;
36	34		(g) Sections 514, 515, and 516,
37	35		Housing Act of 1949 (42 U.S.C. Sections 1484, 1485, and 1486); or
38	36		(h) Section 42, Internal Revenue Code
39	37		of 1986 [(26 U.S.C. Section 42)]; and
40	38		(ii) is subject to the following
41	39		conditions:
42	40		(a) the stipulation to maintain
43	41		affordability in the contract granting the subsidy is nearing
44	42		expiration; or
45	43		(b) the HUD-insured or HUD-held
46	44		mortgage on the development is eligible for prepayment or is
47	45		nearing the end of its term; or
48	46		(B) a development that proposes to rehabilitate
49	47		or reconstruct housing units that:
50	48		(i) [are owned by a public housing
51	49		authority and] receive assistance under Section 9, United States
52	50		Housing Act of 1937 (42 U.S.C. Section 1437g) and are owned by:
53	51		(a) a public housing authority; or
54	52		(b) a public facility corporation
55	53		created by a public housing authority under Chapter 303, Local
56	54		Government Code;
57	55		(ii) received assistance under Section 9,
58	56		United States Housing Act of 1937 (42 U.S.C. Section 1437g) and:
59	57		(a) are proposed to be disposed of or
60	58		demolished by a public housing authority or a public facility
61	59		corporation created by a public housing authority under Chapter
62	60		303, Local Government Code; or
63	61		(b) have been disposed of or
64	62		demolished by a public housing authority or a public facility
65	63		corporation created by a public housing authority under Chapter
66	64		303, Local Government Code, in the two-year period preceding the
67	65		application for housing tax credits; or
68	66		(iii) receive assistance or will receive
69	67		assistance through the Rental Assistance Demonstration program
70	68		administered by the United States Department of Housing and Urban
71	69		Development as specified by the Consolidated and Further Continuing
72	70		Appropriations Act, [of] 2012 (Pub. L. No. 112-55) and its
73	71		subsequent amendments, if the application for assistance through
74	72		the Rental Assistance Demonstration program is included in the
75	73		applicable public housing [authority's annual] plan that was most
76	74		recently approved by the United States Department of Housing and
77	75		Urban Development as specified by 24 C.F.R. Section 903.23.
78	76		SECTION 2. Section 2306.6714, Government Code, is amended
79	77		by adding Subsection (a-2) to read as follows:
80	78		(a-2) Notwithstanding any other provision of law, an
81	79		at-risk development described by Section 2306.6702(a)(5)(B) that
82	80		was previously allocated housing tax credits set aside under
83	81		Subsection (a) does not lose eligibility for those credits if the
84	82		portion of units reserved for public housing as a condition of
85	83		eligibility for the credits under Subsection (a-1)(2) are later
86	84		converted under the Rental Assistance Demonstration program
87	85		administered by the United States Department of Housing and Urban
88	86		Development as specified by the Consolidated and Further Continuing
89	87		Appropriations Act, 2012 (Pub. L. No. 112-55) and its subsequent
90	88		amendments.
91	89		SECTION 3. This Act takes effect immediately if it receives
92	90		a vote of two-thirds of all the members elected to each house, as
93	91		provided by Section 39, Article III, Texas Constitution. If this
94	92		Act does not receive the vote necessary for immediate effect, this
95	93		Act takes effect September 1, 2017.
	94	+	______________________________ ______________________________
	95	+	President of the Senate Speaker of the House
	96	+	I hereby certify that S.B. No. 1238 passed the Senate on
	97	+	April 19, 2017, by the following vote: Yeas 28, Nays 3.
	98	+	______________________________
	99	+	Secretary of the Senate
	100	+	I hereby certify that S.B. No. 1238 passed the House on
	101	+	May 19, 2017, by the following vote: Yeas 133, Nays 11, two
	102	+	present not voting.
	103	+	______________________________
	104	+	Chief Clerk of the House
	105	+	Approved:
	106	+	______________________________
	107	+	Date
	108	+	______________________________
	109	+	Governor