Texas HB3532 amends tax laws for multifamily residential developments owned by public facility corporations.

Texas HB3532 amends the Local Government Code to modify tax treatment for multifamily residential developments owned by public facility corporations. The bill requires these developments to reserve a certain percentage of units for lower and moderate income housing. It mandates annual compliance audits and requires public facility users to submit audit reports to the Texas Department of Housing and Community Affairs and the chief appraiser of the relevant appraisal district. Noncompliance with certain sections results in the loss of beneficial tax treatment.

Texas HB3532 amends tax laws for multifamily residential developments owned by public facility corporations.

Texas HB3532 amends the Local Government Code to modify tax treatment for multifamily residential developments owned by public facility corporations. The bill requires these developments to reserve a certain percentage of units for lower and moderate income housing. It mandates annual compliance audits and requires public facility users to submit audit reports to the Texas Department of Housing and Community Affairs and the chief appraiser of the relevant appraisal district. Noncompliance with certain sections results in the loss of beneficial tax treatment.