Bill > HB1608

This bill establishes a Veterans' Land Bank Program through the Texas State Affordable Housing Corporation to help low-income veterans acquire housing. The program allows the corporation to acquire, hold, and transfer real property, primarily through tax foreclosure sales, with the goal of providing affordable housing to veterans whose household income is at or below 80% of the area median family income. The corporation must develop an annual plan for the program, and properties acquired must be sold or rented to qualifying veterans within 10 years of acquisition. If a property is not sold or rented to a veteran within that timeframe, it will be transferred back to the taxing units involved in the original sale. The bill requires the corporation to prepare an annual performance report detailing the program's activities, including financial information, property details, and transactions. Additionally, the bill amends tax code provisions to recognize the Veterans' Land Bank Program as a charitable function, which provides certain tax considerations for properties acquired under the program. The program is designed to help veterans in lower-income brackets access homeownership or rental opportunities, with specific deed restrictions to maintain the program's affordability and targeted assistance.

Military Affairs and Security

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB1608