Bill > SB2767

This bill modifies regulations for public facility corporations, specifically focusing on multifamily residential developments seeking tax exemptions. The bill introduces several key provisions that enhance transparency, affordability, and oversight for these developments. Specifically, it prohibits corporations from transferring tax exemptions unless substantially all assets are transferred, requires more detailed reporting about development details, and mandates that developments provide meaningful rent reductions compared to market rates. The bill requires public facility corporations to submit annual audit reports demonstrating compliance with income restrictions, with potential loss of tax exemption for non-compliance. Additionally, corporations must now submit a one-time exemption application and provide annual certifications about their developments, including details about ownership, subsidiaries, and operating areas. The bill applies to both new and existing multifamily residential developments, with most provisions taking effect September 1, 2025, and aims to ensure that these developments genuinely provide affordable housing options while maintaining accountability in the tax exemption process.

Government Affairs

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB2767