Texas HB21 authorizes a fee for housing finance corporations and modifies tax exemptions for certain multifamily residential developments.

Texas HB21 amends the Local Government Code to authorize a fee for housing finance corporations. It modifies the conditions for tax exemptions for multifamily residential developments owned by housing finance corporations. The bill specifies that a property-based exemption is available if certain income-restricted residential units are reserved and other conditions are met. It also mandates annual audits for compliance with these conditions and outlines the consequences for noncompliance.

Texas HB21 authorizes a fee for housing finance corporations and modifies tax exemptions for certain multifamily residential developments.

Texas HB21 amends the Local Government Code to authorize a fee for housing finance corporations. It modifies the conditions for tax exemptions for multifamily residential developments owned by housing finance corporations. The bill specifies that a property-based exemption is available if certain income-restricted residential units are reserved and other conditions are met. It also mandates annual audits for compliance with these conditions and outlines the consequences for noncompliance.