SB2766 amends the Local Government Code to revise tax exemptions for multifamily residential developments owned by public housing authorities.

SB2766 amends the Local Government Code to revise tax exemptions for multifamily residential developments owned by public housing authorities. It defines terms such as "low income," "moderate income," and "public housing unit." The bill mandates that a certain percentage of units in a development must be reserved for low and moderate-income households. It requires annual audits to ensure compliance with these requirements and specifies the consequences of noncompliance, including the loss of tax exemptions.

SB2766 amends the Local Government Code to revise tax exemptions for multifamily residential developments owned by public housing authorities.

SB2766 amends the Local Government Code to revise tax exemptions for multifamily residential developments owned by public housing authorities. It defines terms such as "low income," "moderate income," and "public housing unit." The bill mandates that a certain percentage of units in a development must be reserved for low and moderate-income households. It requires annual audits to ensure compliance with these requirements and specifies the consequences of noncompliance, including the loss of tax exemptions.