Texas HB1585 amends the Local Government Code to redefine the operational areas for housing finance corporations and their tax exemptions.

Texas HB1585 amends the Local Government Code to redefine the operational areas for housing finance corporations. These corporations can now exercise their powers within the jurisdictional boundaries of sponsoring municipalities or the unincorporated areas of sponsoring counties. The bill also specifies that residential developments must be located within these defined areas. Additionally, it grants housing finance corporations tax exemptions for their properties, income, bonds, and bond transfers if these are situated within their authorized operational areas.

Texas HB1585 amends the Local Government Code to redefine the operational areas for housing finance corporations and their tax exemptions.

Texas HB1585 amends the Local Government Code to redefine the operational areas for housing finance corporations. These corporations can now exercise their powers within the jurisdictional boundaries of sponsoring municipalities or the unincorporated areas of sponsoring counties. The bill also specifies that residential developments must be located within these defined areas. Additionally, it grants housing finance corporations tax exemptions for their properties, income, bonds, and bond transfers if these are situated within their authorized operational areas.