House Bill 2943 aims to amend the Texas Government Code, specifically regarding the application scoring system for low-income housing tax credits. The bill introduces a point system that prioritizes various criteria, including the financial feasibility of projects and the quantifiable community participation in the proposed developments. By establishing a clear scoring methodology, this bill seeks to streamline the awarding process for tax credits and foster developments that are both economically viable and community-supported.
One of the critical changes proposed by HB2943 is the inclusion of criteria that penalize applicants who have previously failed to meet their obligations under housing agreements. This measure is intended to ensure accountability among developers and to encourage compliance with financial and operational expectations. Additionally, the bill emphasizes the importance of community involvement by requiring evidence of local government or neighborhood organization support in the evaluation process for housing development applications.
The bill also takes into consideration the unique situations of specific geographic areas, as it allows the scoring system to account for the disaster status of the proposed development sites. This aspect is particularly relevant for areas that have been affected by disasters, ensuring that these communities can attract necessary housing developments through tax credit creations.
In essence, the legislative changes proposed by HB2943 reflect a shift towards a more methodical and community-involved approach in the low-income housing tax credit application process. By doing so, the bill aims not only to improve the consistency of applications and evaluations but also to ensure that developments align with local needs and participation, which may lead to better housing opportunities in underserved regions.