88R7878 DRS-D
By: Noble H.B. No. 2964
A BILL TO BE ENTITLED
AN ACT
relating to requirements for beneficial tax treatment related to a
leasehold or other possessory interest in a public facility used to
provide affordable housing.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 303.042(d), Local Government Code, is
amended to read as follows:
(d) An exemption under this section for a multifamily
residential development which is owned by a public facility
corporation created [by a housing authority] under this chapter and
which does not have at least 20 percent of its units reserved for
public housing units, applies only if:
(1) the sponsor of the corporation [housing authority]
holds a public hearing, at a regular meeting of the sponsor's
[authority's] governing body, to approve the development; [and]
(2) the governing body of each municipality and county
authorized by law to impose taxes on the property containing the
development holds a public hearing and adopts a resolution
approving the development; and
(3) at least 50 percent of the units in the multifamily
residential development are reserved for occupancy by individuals
and families earning less than 80 percent of the area median family
income.
SECTION 2. The change in law made by Section 303.042(d),
Local Government Code, as amended by this Act, applies only to a
multifamily residential development that is approved on or after
the effective date of this Act. A multifamily residential
development that is approved before the effective date of this Act
is governed by the law in effect on the date the development was
approved, and the former law is continued in effect for that
purpose.
SECTION 3. This Act takes effect September 1, 2023.