Bill > SB2976

This bill modifies Texas state law regarding housing finance corporations by establishing clear geographic limitations on their areas of operation. Specifically, the bill defines that housing finance corporations can only exercise their powers within specific boundaries: for a municipal housing finance corporation, within the sponsoring municipality's jurisdictional boundaries; for a county housing finance corporation, within the unincorporated areas of the sponsoring county; and for corporations sponsored by multiple local governments, within the jurisdictional boundaries of each municipal sponsor and the unincorporated areas of each county sponsor. The bill also adjusts related provisions concerning property transactions, tax exemptions, and residential development sites to align with these new geographic restrictions. These changes mean that housing finance corporations will now be more tightly constrained to operate within the specific local government areas that create and sponsor them, potentially limiting their previous ability to work across broader regions. The bill includes transition provisions ensuring that powers exercised before its effective date remain governed by previous law, and tax exemptions will only apply to developments within the newly defined authorized areas.

Government Affairs

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB2976