LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION April 4, 2023 TO: Honorable J. M. Lozano, Chair, House Committee on Urban Affairs FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3591 by Shaheen (relating to the allocation of low income housing tax credits.), Committee Report 1st House, Substituted Estimated Two-year Net Impact to General Revenue Related Funds for HB3591, Committee Report 1st House, Substituted : an impact of $0 through the biennium ending August 31, 2025. The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill. General Revenue-Related Funds, Five- Year Impact: Fiscal Year Probable Net Positive/(Negative) Impact toGeneral Revenue Related Funds2024$02025$02026$02027$02028$0All Funds, Five-Year Impact: Fiscal Year Probable Savings/(Cost) fromAppropriated Receipts666 Change in Number of State Employees from FY 20232024($192,562)2.02025($187,562)2.02026($187,562)2.02027($187,562)2.02028($187,562)2.0 Fiscal AnalysisThe bill would amend the Occupations code to require the Texas Department of Housing and Community Affairs to issue final commitment for an allocation of housing tax credits no later than 120 days after the date a development owner submits to the department the Form 8609 documentation packet also known as the cost certification packet.
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 88TH LEGISLATIVE REGULAR SESSION
April 4, 2023
TO: Honorable J. M. Lozano, Chair, House Committee on Urban Affairs FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3591 by Shaheen (relating to the allocation of low income housing tax credits.), Committee Report 1st House, Substituted
TO: Honorable J. M. Lozano, Chair, House Committee on Urban Affairs
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB3591 by Shaheen (relating to the allocation of low income housing tax credits.), Committee Report 1st House, Substituted
Honorable J. M. Lozano, Chair, House Committee on Urban Affairs
Honorable J. M. Lozano, Chair, House Committee on Urban Affairs
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB3591 by Shaheen (relating to the allocation of low income housing tax credits.), Committee Report 1st House, Substituted
HB3591 by Shaheen (relating to the allocation of low income housing tax credits.), Committee Report 1st House, Substituted
Estimated Two-year Net Impact to General Revenue Related Funds for HB3591, Committee Report 1st House, Substituted : an impact of $0 through the biennium ending August 31, 2025. The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.
Estimated Two-year Net Impact to General Revenue Related Funds for HB3591, Committee Report 1st House, Substituted : an impact of $0 through the biennium ending August 31, 2025. The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.
The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.
General Revenue-Related Funds, Five- Year Impact:
2024 $0
2025 $0
2026 $0
2027 $0
2028 $0
All Funds, Five-Year Impact:
2024 ($192,562) 2.0
2025 ($187,562) 2.0
2026 ($187,562) 2.0
2027 ($187,562) 2.0
2028 ($187,562) 2.0
Fiscal Analysis
The bill would amend the Occupations code to require the Texas Department of Housing and Community Affairs to issue final commitment for an allocation of housing tax credits no later than 120 days after the date a development owner submits to the department the Form 8609 documentation packet also known as the cost certification packet.
Methodology
The bill requires the department to issue final commitment for an allocation of housing tax credits no later than 120 days after the date a development owner submits to the department the Form 8609 documentation packet. Due to the shortened time frame for reviewing Form 8609 documentation and issuing final commitment, this estimate assumes that the agency would require two additional Asset Managers positions ($71,050 per year per FTE with estimated benefits of $21,231 per FTE). This estimate includes onetime startup technology costs of $5,000 and annual costs of $3,000 for general supplies.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 332 Department of Housing and Community Affairs
332 Department of Housing and Community Affairs
LBB Staff: b > td > JMc, AF, GDZ, SLee
JMc, AF, GDZ, SLee