Bill > SB867

This bill modifies Texas law regarding housing finance corporations, introducing several key changes to improve transparency, affordability, and accountability in residential development. The bill clarifies that housing finance corporations can only issue bonds and develop residential properties within the boundaries of the local government that formed them, and must reserve a significant portion of housing units for low and moderate-income residents. It introduces new requirements for multifamily residential developments seeking ad valorem tax exemptions, including mandating that at least 10% of units are reserved for lower-income housing and 40% for moderate-income housing. The bill also requires housing finance corporations to comply with open meetings and open records laws, and establishes detailed audit and reporting requirements to ensure these developments provide meaningful public benefits. Additionally, the legislation requires housing finance corporations to actively market to and accept tenants using housing choice voucher programs, prohibits certain discriminatory practices, and sets specific guidelines for lease agreements and tenant protections. These provisions aim to create more accessible, affordable housing while increasing transparency and accountability in how housing finance corporations operate and receive tax benefits.

Government Affairs

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB867