Bill > SB591

This bill amends the Local Government Code to allow public facility corporations, including those created by housing authorities, to finance, own, or operate multifamily residential developments, provided they comply with certain requirements. The bill establishes additional requirements for public facility corporations to receive beneficial tax treatment, such as reserving a percentage of units for lower-income housing, limiting rent for those units, and prohibiting discrimination against housing voucher participants. The bill also specifies when these new provisions apply to multifamily developments approved or acquired before the effective date of the bill.