| 1 | | - | By: Cortez, et al. (Senate Sponsor - Lucio) H.B. No. 2027 |
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| 2 | | - | (In the Senate - Received from the House May 17, 2021; |
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| 3 | | - | May 17, 2021, read first time and referred to Committee on Local |
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| 4 | | - | Government; May 22, 2021, reported favorably by the following |
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| 5 | | - | vote: Yeas 6, Nays 0; May 22, 2021, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 1 | + | By: Cortez, et al. H.B. No. 2027 |
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| 7 | 2 | | |
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| 8 | 3 | | |
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| 9 | 4 | | A BILL TO BE ENTITLED |
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| 10 | 5 | | AN ACT |
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| 11 | 6 | | relating to the allocation of low income housing tax credits. |
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| 12 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 8 | | SECTION 1. Section 2306.6725(b), Government Code, is |
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| 14 | 9 | | amended to read as follows: |
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| 15 | 10 | | (b) The department shall provide appropriate incentives as |
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| 16 | 11 | | determined through the qualified allocation plan to reward |
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| 17 | 12 | | applicants who agree to: |
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| 18 | 13 | | (1) equip the development that is the basis of the |
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| 19 | 14 | | application with energy saving devices that meet the standards |
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| 20 | 15 | | established by the state energy conservation office; or |
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| 21 | 16 | | (2) provide to a qualified entity, in a land use |
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| 22 | 17 | | restriction agreement in accordance with Section 2306.6726, a right |
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| 23 | 18 | | of first refusal to purchase the development at the minimum price |
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| 24 | 19 | | provided in, and in accordance with the requirements of, Section |
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| 25 | 20 | | 42(i)(7), Internal Revenue Code of 1986 (26 U.S.C. Section |
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| 26 | 21 | | 42(i)(7))[; and |
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| 27 | 22 | | [(2) locate the development in a census tract in which |
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| 28 | 23 | | there are no other existing developments supported by housing tax |
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| 29 | 24 | | credits]. |
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| 30 | 25 | | SECTION 2. The change in law made by this Act applies only |
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| 31 | 26 | | to an application for low income housing tax credits that is |
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| 32 | 27 | | submitted to the Texas Department of Housing and Community Affairs |
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| 33 | 28 | | during an application cycle that is based on the 2022 qualified |
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| 34 | 29 | | allocation plan or a subsequent plan adopted by the governing board |
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| 35 | 30 | | of the department. An application that is submitted during an |
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| 36 | 31 | | application cycle that is based on an earlier qualified allocation |
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| 37 | 32 | | plan is governed by the law in effect on the date the application |
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| 38 | 33 | | cycle began, and the former law is continued in effect for that |
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| 39 | 34 | | purpose. |
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| 40 | 35 | | SECTION 3. This Act takes effect September 1, 2021. |
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