| 14 | | - | Sec. 2306.67022. QUALIFIED ALLOCATION PLAN; MANUAL. (a) |
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| 15 | | - | The [At least biennially, the] board biennially shall adopt a |
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| 16 | | - | qualified allocation plan and a corresponding manual to provide |
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| 17 | | - | information regarding the administration of and eligibility for the |
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| 18 | | - | low income housing tax credit program. The board may not adopt a |
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| 19 | | - | [the] plan and manual more frequently than once during each |
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| 20 | | - | biennium [annually, as considered appropriate by the board]. |
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| 21 | | - | (b) The board biennially shall adjust to reflect inflation |
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| 22 | | - | any amount specified in the qualified allocation plan relating to |
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| 23 | | - | the acceptable cost of a development by square foot. The board |
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| 24 | | - | shall use 2021 as the base year for the adjustment. |
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| 25 | | - | (c) In making the computation under Subsection (b), the |
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| 26 | | - | board shall consider the Consumer Price Index for All Urban |
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| 27 | | - | Consumers, or its successor in function, published by the United |
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| 28 | | - | States Bureau of Labor Statistics. |
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| 29 | | - | SECTION 2. The change in law made by this Act applies to the |
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| 30 | | - | adoption of a qualified allocation plan and corresponding manual |
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| 31 | | - | for the state fiscal biennium beginning September 1, 2021. |
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| 11 | + | Sec. 2306.67022. QUALIFIED ALLOCATION PLAN; MANUAL. The |
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| 12 | + | [At least biennially, the] board biennially shall adopt a qualified |
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| 13 | + | allocation plan and a corresponding manual to provide information |
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| 14 | + | regarding the administration of and eligibility for the low income |
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| 15 | + | housing tax credit program. The board may not adopt a [the] plan |
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| 16 | + | and manual more frequently than once during each biennium |
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| 17 | + | [annually, as considered appropriate by the board]. |
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| 18 | + | SECTION 2. The change in law made by this Act applies only |
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| 19 | + | to an application for low income housing tax credits that is |
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| 20 | + | submitted to the Texas Department of Housing and Community Affairs |
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| 21 | + | during an application cycle that is based on the 2020 qualified |
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| 22 | + | allocation plan or a subsequent plan adopted by the governing board |
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| 23 | + | of the department under Section 2306.67022, Government Code, as |
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| 24 | + | amended by this Act. An application that is submitted during an |
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| 25 | + | application cycle that is based on an earlier qualified allocation |
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| 26 | + | plan is governed by the law in effect on the date the application |
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| 27 | + | cycle began, and the former law is continued in effect for that |
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| 28 | + | purpose. |
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