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 Section 2306.1112, Government Code, is repealed.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