86R3067 JAM-D
By: Menéndez S.B. No. 233
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of private activity bonds for qualified
residential rental projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1372.037(a), Government Code, is amended
to read as follows:
(a) Except as provided by Subsection (b), before August 15
the board may not grant for any single project a reservation for
that year that is greater than:
(1) $40 million, if the issuer is an issuer of
qualified mortgage bonds, other than the Texas Department of
Housing and Community Affairs or the Texas State Affordable Housing
Corporation;
(2) $50 million, if the issuer is an issuer of a
state-voted issue, other than the Texas Higher Education
Coordinating Board, or $75 million, if the issuer is the Texas
Higher Education Coordinating Board;
(3) the amount to which the Internal Revenue Code
limits issuers of qualified small issue bonds and enterprise zone
facility bonds, if the issuer is an issuer of those bonds;
(4) $30 million, if the issuer is an issuer [the lesser
of $20 million or 15 percent of the amount set aside for reservation
by issuers] of qualified residential rental project bonds[, if the
issuer is an issuer of those bonds];
(5) the amount as prescribed in Section [Sections]
1372.033(d), [(e), and (f),] if the issuer is an issuer authorized
by Section 53B.47, Education Code, to issue qualified student loan
bonds; or
(6) $50 million, if the issuer is any other issuer of
bonds that require an allocation.
SECTION 2. This Act takes effect September 1, 2019.