By: Alvarado S.B. No. 493
(In the Senate - Filed January 28, 2019; February 14, 2019,
read first time and referred to Committee on Intergovernmental
Relations; April 11, 2019, reported adversely, with favorable
Committee Substitute by the following vote: Yeas 6, Nays 0;
April 11, 2019, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 493 By: Alvarado
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of housing tax credits to developments
within proximate geographical areas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.6711, Government Code, is amended
by amending Subsection (f) and adding Subsection (f-1) to read as
follows:
(f) Except as provided by Subsection (f-1), the [The] board
may allocate housing tax credits to more than one development in a
single community, as defined by department rule, in the same
calendar year only if the developments are or will be located more
than two linear miles apart. This subsection applies only to
communities contained within counties with populations exceeding
one million.
(f-1) The board may allocate housing tax credits to more
than one development in a single community only if:
(1) the community is located in:
(A) a county with a population of four million or
more; and
(B) an area that is a federally declared disaster
area; and
(2) the governing body of the municipality containing
the development or, if located outside a municipality, the county
containing the development:
(A) has by vote specifically authorized the
allocation of housing tax credits for the development; and
(B) is authorized to administer disaster
recovery funds as a subgrant recipient.
SECTION 2. The changes in law made by this Act apply only to
an application for low income housing tax credits that is submitted
to the Texas Department of Housing and Community Affairs during an
application cycle that is based on the 2020 qualified allocation
plan or a subsequent plan adopted by the governing board of the
department. An application that is submitted during an application
cycle that is based on an earlier qualified allocation plan 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, 2019.
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