By: Watson S.B. No. 1990
(In the Senate - Filed March 10, 2017; March 27, 2017, read
first time and referred to Committee on Intergovernmental
Relations; May 2, 2017, reported favorably by the following vote:
Yeas 4, Nays 3; May 2, 2017, sent to printer.)
Click here to see the committee vote
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 (j) to read as follows:
(j) 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)), and except as otherwise provided
by this subsection, in each urban subregion of a uniform state
service region that contains a municipality with a population of
285,000 or more, the board shall allocate housing tax credits to the
highest scoring development, if any, that qualifies as a supportive
housing project and is located in that urban subregion in a
municipality with a population of 285,000 or more. The department
by rule shall establish requirements for a supportive housing
project to qualify for housing tax credits under this subsection.
The department is not required to award housing tax credits to more
than the five highest scoring supportive housing projects under
this subsection in an application cycle.
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, 2019. The
allocation of low income housing tax credits for an application
cycle that begins before January 1, 2019, 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, 2017.
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