SB 898

By: Blanco
  S.B. No. 898
  (Moody)
  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 million in a single application
  round or to an individual development more than $3 [$2] million in a
  single application round.
         SECTION 2.  Section 2306.6711(b), Government Code, as
  amended 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 2026 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 3.  This Act takes effect September 1, 2025.