Bill > HB2071

This bill amends the Local Government Code to clarify the requirements and restrictions for public facility corporations that own or operate multifamily residential developments. The key provisions include: 1. Limiting the locations where a public facility corporation can finance, own, or operate a multifamily residential development. 2. Applying conflict of interest restrictions to members of the board of a public facility corporation or the governing body of the corporation's sponsor. 3. Establishing additional requirements for public facility corporations to receive tax exemptions for multifamily residential developments, such as reserving a certain percentage of units for lower and moderate income tenants, complying with rent restrictions, and accepting tenants with housing vouchers. 4. Requiring annual audits of these multifamily developments to ensure compliance with the new requirements. 5. Directing the Legislative Budget Board to study the long-term effects of the tax exemptions for multifamily developments owned by public facility corporations. The bill generally applies to multifamily developments approved or acquired by public facility corporations on or after the effective date of the legislation.

Government Affairs, Housing and Urban Affairs

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=HB2071