| 1 | 1 | | By: Shaheen H.B. No. 3591 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the allocation of low income housing tax credits. |
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| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 2306.6711(b), Government Code, is |
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| 9 | 9 | | amended to read as follows: |
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| 10 | 10 | | (b) Not later than the deadline specified in the qualified |
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| 11 | 11 | | allocation plan, the board shall issue commitments for available |
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| 12 | 12 | | housing tax credits based on the application evaluation process |
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| 13 | 13 | | provided by Section 2306.6710. The board may not allocate to an |
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| 14 | 14 | | applicant housing tax credits in any unnecessary amount, as |
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| 15 | 15 | | determined by the department's underwriting policy and by federal |
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| 16 | 16 | | law, and in any event may not allocate to the applicant housing tax |
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| 17 | 17 | | credits in an amount greater than $6 [$3] million in a single |
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| 18 | 18 | | application round or to an individual development more than $2 |
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| 19 | 19 | | million in a single application round. |
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| 20 | 20 | | SECTION 2. Section 2306.6724, Government Code, is amended |
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| 21 | 21 | | by adding Subsection (g) to read as follows: |
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| 22 | 22 | | (g) Notwithstanding any other law, the department shall |
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| 23 | 23 | | issue a final commitment for an allocation of housing tax credits |
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| 24 | 24 | | not later than the 120th day following the date on which the |
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| 25 | 25 | | department receives from an applicant a complete cost certification |
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| 26 | 26 | | package, as prescribed by department rule, and the applicant has |
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| 27 | 27 | | fulfilled any requests for information for the issuance of Internal |
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| 28 | 28 | | Revenue Service Form 8609, or that form's successor. |
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| 29 | 29 | | SECTION 3. Section 2306.1112, Government Code, is repealed. |
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| 30 | 30 | | SECTION 4. The change in law made by this Act applies only |
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| 31 | 31 | | to an application for low income housing tax credits that is |
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| 32 | 32 | | submitted to the Texas Department of Housing and Community Affairs |
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| 33 | 33 | | during an application cycle that is based on the 2024 qualified |
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| 34 | 34 | | allocation plan or a subsequent plan adopted by the governing board |
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| 35 | 35 | | of the department. An application that is submitted during an |
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| 36 | 36 | | application cycle that is based on an earlier qualified allocation |
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| 37 | 37 | | plan is governed by the law in effect on the date the application |
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| 38 | 38 | | cycle began, and the former law is continued in effect for that |
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| 39 | 39 | | purpose. |
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| 40 | 40 | | SECTION 5. This Act takes effect September 1, 2023. |
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