Texas House Bill HB3464

Texas 2021 - 87th Regular

Caption

Relating to requirements for beneficial tax treatment related to a leasehold or other possessory interest in a public facility used to provide affordable housing.

Impact

The law modifies Section 303.042 of the Local Government Code by adding a new subsection that sets clear conditions for tax exemptions. The impact of this change is to foster a more inclusive rental market by preventing property owners from declining rental applications based solely on an individual’s or family’s use of housing vouchers. The bill underscores the importance of affordable housing initiatives within the community and signifies the state's commitment to enhancing housing opportunities for low-income families.

Summary

House Bill 3464 addresses requirements for beneficial tax treatment related to leasehold interests in public facilities specifically aimed at affordable housing. The bill seeks to ensure that multifamily residential developments owned by public facility corporations are eligible for tax exemptions, provided that these developments do not discriminate against potential renters based on their participation in the federal Section 8 Housing Choice Voucher Program. This legislation represents a significant step towards promoting fair housing practices and improving access to affordable housing options for vulnerable populations.

Contention

One notable point of contention surrounding HB3464 may stem from concerns about the implications of the tax exemptions on local funding and public resources. While proponents highlight the potential for increased affordable housing availability, opponents may argue that such tax incentives could lead to reduced tax revenues for municipalities, impacting public services. Furthermore, the stipulations regarding compliance with federal housing voucher programs may raise questions about enforcement, and whether public facility corporations are adequately equipped to manage these requirements.