Texas HB3534 amends tax exemption rules for multifamily residential developments owned by public facility corporations.

Texas HB3534 modifies the conditions under which multifamily residential developments owned by public facility corporations can qualify for tax exemptions. It mandates that such developments must meet specific criteria, including having a certain percentage of units reserved for lower and moderate-income housing. The bill also requires annual audits to ensure compliance with these criteria and mandates that public facility users submit underwriting assessments to the Texas Department of Housing and Community Affairs.

Texas HB3534 amends tax exemption rules for multifamily residential developments owned by public facility corporations.

Texas HB3534 modifies the conditions under which multifamily residential developments owned by public facility corporations can qualify for tax exemptions. It mandates that such developments must meet specific criteria, including having a certain percentage of units reserved for lower and moderate-income housing. The bill also requires annual audits to ensure compliance with these criteria and mandates that public facility users submit underwriting assessments to the Texas Department of Housing and Community Affairs.