| 1 | 1 | | 88R25117 DRS-D |
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| 2 | 2 | | By: Noble, Holland, Shaheen, Leach, Thimesch, H.B. No. 2964 |
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| 3 | 3 | | et al. |
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| 4 | 4 | | Substitute the following for H.B. No. 2964: |
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| 5 | 5 | | By: Lozano C.S.H.B. No. 2964 |
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| 6 | 6 | | |
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| 7 | 7 | | |
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| 8 | 8 | | A BILL TO BE ENTITLED |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | relating to requirements for beneficial tax treatment related to a |
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| 11 | 11 | | leasehold or other possessory interest in a public facility used to |
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| 12 | 12 | | provide affordable housing. |
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| 13 | 13 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 14 | | SECTION 1. Section 303.042(d), Local Government Code, is |
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| 15 | 15 | | amended to read as follows: |
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| 16 | 16 | | (d) An exemption under this section for a multifamily |
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| 17 | 17 | | residential development which is owned by a public facility |
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| 18 | 18 | | corporation created [by a housing authority] under this chapter and |
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| 19 | 19 | | which does not have at least 20 percent of its units reserved for |
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| 20 | 20 | | public housing units, applies only if: |
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| 21 | 21 | | (1) the sponsor of the corporation [housing authority] |
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| 22 | 22 | | holds a public hearing, at a regular meeting of the sponsor's |
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| 23 | 23 | | [authority's] governing body, to approve the development; [and] |
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| 24 | 24 | | (2) the governing body of each municipality, or county |
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| 25 | 25 | | if the development is not located within a municipality, authorized |
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| 26 | 26 | | by law to impose taxes on the property containing the development |
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| 27 | 27 | | holds a public hearing and adopts a resolution approving the |
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| 28 | 28 | | development; and |
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| 29 | 29 | | (3) at least 50 percent of the units in the multifamily |
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| 30 | 30 | | residential development are reserved for occupancy by individuals |
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| 31 | 31 | | and families earning less than 80 percent of the area median family |
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| 32 | 32 | | income. |
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| 33 | 33 | | SECTION 2. The change in law made by Section 303.042(d), |
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| 34 | 34 | | Local Government Code, as amended by this Act, applies only to a |
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| 35 | 35 | | multifamily residential development that is approved on or after |
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| 36 | 36 | | the effective date of this Act. A multifamily residential |
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| 37 | 37 | | development that is approved before the effective date of this Act |
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| 38 | 38 | | is governed by the law in effect on the date the development was |
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| 39 | 39 | | approved, and the former law is continued in effect for that |
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| 40 | 40 | | purpose. |
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| 41 | 41 | | SECTION 3. This Act takes effect September 1, 2023. |
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