Texas HB492 prohibits allocation of low income housing tax credits for certain developments.

HB492 amends the Texas Government Code to establish criteria for ineligibility of applications under the low income housing tax credit program. An application is ineligible if the applicant or a related party has been a board member or certain department employee within two years prior to the application. Additionally, applications are ineligible if the applicant proposes to replace private activity bond financing in less than 15 years, unless specific conditions are met. The bill also makes applications ineligible if the development is not within two miles of a grocery store.

Texas HB492 prohibits allocation of low income housing tax credits for certain developments.

HB492 amends the Texas Government Code to establish criteria for ineligibility of applications under the low income housing tax credit program. An application is ineligible if the applicant or a related party has been a board member or certain department employee within two years prior to the application. Additionally, applications are ineligible if the applicant proposes to replace private activity bond financing in less than 15 years, unless specific conditions are met. The bill also makes applications ineligible if the development is not within two miles of a grocery store.