S.B. No. 403
 
 
 
 
AN ACT
  relating to a right of first refusal applicable to the sale of
  housing developments that have received certain financial
  assistance administered by the Texas Department of Housing and
  Community Affairs.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2306.6726(b), Government Code, is
  amended to read as follows:
         (b)  The owner of a development subject to a right of first
  refusal under Section 2306.6725 may:
               (1)  during the first 60-day period after notice is
  provided under Subsection (a-1), negotiate or enter into a purchase
  agreement only with a qualified entity that is:
                     (A)  a community housing development organization
  as defined by the federal HOME investment partnership program; [or]
                     (B)  if the authority or the corporation owns the
  fee title to the development owner's leasehold estate:
                           (i)  a public housing authority; or
                           (ii)  a public facility corporation created
  by a public housing authority under Chapter 303, Local Government
  Code; or
                     (C)  controlled by an entity described by
  Paragraph (A) or (B);
               (2)  during the second 60-day period after notice is
  provided under Subsection (a-1), negotiate or enter into a purchase
  agreement with a qualified entity that:
                     (A)  is described by Section 2306.6706;
                     (B)  is controlled by an entity described by
  Paragraph (A); or
                     (C)  is a tenant organization; and
               (3)  during the last 60-day period after notice is
  provided under Subsection (a-1), negotiate or enter into a purchase
  agreement with any other qualified entity.
         SECTION 2.  Section 2306.6726, Government Code, as amended
  by this Act, applies to the sale of a development supported with an
  allocation of low income housing tax credits issued before, on, or
  after the effective date of this Act.
         SECTION 3.  This Act takes effect September 1, 2021.
 
 
 
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
         I hereby certify that S.B. No. 403 passed the Senate on        
  May 5, 2021, by the following vote:  Yeas 31, Nays 0.
 
 
  ______________________________
  Secretary of the Senate    
 
         I hereby certify that S.B. No. 403 passed the House on        
  May 25, 2021, by the following vote:  Yeas 87, Nays 59, one present
  not voting.
 
 
  ______________________________
  Chief Clerk of the House   
 
 
 
  Approved:
 
  ______________________________ 
              Date
 
 
  ______________________________ 
            Governor