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  H.B. No. 2926
 
 
 
 
AN ACT
  relating to low income housing tax credits awarded for at-risk
  developments.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2306.6702(a)(5), Government Code, is
  amended to read as follows:
               (5)  "At-risk development" means:
                     (A)  a development that:
                           (i)  has received the benefit of a subsidy in
  the form of a below-market interest rate loan, interest rate
  reduction, rental subsidy, Section 8 housing assistance payment,
  rental supplement payment, rental assistance payment, or equity
  incentive under the following federal laws, as applicable:
                                 (a)  Sections 221(d)(3) and (5),
  National Housing Act (12 U.S.C. Section 1715l);
                                 (b)  Section 236, National Housing Act
  (12 U.S.C. Section 1715z-1);
                                 (c)  Section 202, Housing Act of 1959
  (12 U.S.C. Section 1701q);
                                 (d)  Section 101, Housing and Urban
  Development Act of 1965 (12 U.S.C. Section 1701s);
                                 (e)  the Section 8 Additional
  Assistance Program for housing developments with HUD-Insured and
  HUD-Held Mortgages administered by the United States Department of
  Housing and Urban Development as specified by 24 C.F.R. Part 886,
  Subpart A;
                                 (f)  the Section 8 Housing Assistance
  Program for the Disposition of HUD-Owned Projects administered by
  the United States Department of Housing and Urban Development as
  specified by 24 C.F.R. Part 886, Subpart C;
                                 (g)  Sections 514, 515, and 516,
  Housing Act of 1949 (42 U.S.C. Sections 1484, 1485, and 1486); or
                                 (h)  Section 42, Internal Revenue Code
  of 1986 (26 U.S.C. Section 42); and
                           (ii)  is subject to the following
  conditions:
                                 (a)  the stipulation to maintain
  affordability in the contract granting the subsidy is nearing
  expiration; or
                                 (b)  the HUD-insured or HUD-held 
  [
  federally insured] mortgage on the development is eligible for
  prepayment or is nearing the end of its term; or
                     (B)  a development that proposes to rehabilitate
  or reconstruct housing units that:
                           (i)  are owned by a public housing authority
  and receive assistance under Section 9, United States Housing Act
  of 1937 (42 U.S.C. Section 1437g); [or]
                           (ii)  received assistance under Section 9,
  United States Housing Act of 1937 (42 U.S.C. Section 1437g) and:
                                 (a)  are proposed to be disposed of or
  demolished by a public housing authority; or
                                 (b)  have been disposed of or
  demolished by a public housing authority in the two-year period
  preceding the application for housing tax credits; or
                           (iii)  receive assistance or will receive
  assistance through the Rental Assistance Demonstration program
  administered by the United States Department of Housing and Urban
  Development as specified by the Consolidated and Further Continuing
  Appropriations Act of 2012 (Pub. L. No. 112-55) and its subsequent
  amendments, if the application for assistance through the Rental
  Assistance Demonstration program is included in the applicable
  public housing authority's annual plan that was most recently
  approved by the United States Department of Housing and Urban
  Development as specified by 24 C.F.R. Section 903.23.
         SECTION 2.  The change in law made by this Act applies only
  to an application for low income housing tax credits that is
  submitted on or after the effective date of this Act. An application
  for low income housing tax credits that is submitted before the
  effective date of this Act is governed by the law in effect when the
  application was submitted, and the former law is continued in
  effect for that purpose.
         SECTION 3.  This Act takes effect September 1, 2015.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 2926 was passed by the House on May 5,
  2015, by the following vote:  Yeas 137, Nays 8, 2 present, not
  voting; and that the House concurred in Senate amendments to H.B.
  No. 2926 on May 27, 2015, by the following vote:  Yeas 133, Nays 6,
  3 present, not voting.
 
  ______________________________
  Chief Clerk of the House   
 
         I certify that H.B. No. 2926 was passed by the Senate, with
  amendments, on May 24, 2015, by the following vote:  Yeas 23, Nays
  7.
 
  ______________________________
  Secretary of the Senate   
  APPROVED: __________________
                  Date       
   
           __________________
                Governor