SB2767 amends tax exemption rules for multifamily residential developments owned by public facility corporations in Texas.

SB2767 amends the Local Government Code to modify tax exemption rules for multifamily residential developments owned by public facility corporations. It requires annual audits for compliance with income housing unit requirements and rent reduction provisions. The bill mandates that at least 10% of units be reserved for lower-income housing and 40% for moderate-income housing. It also stipulates that a certain percentage of acquisition costs must be spent on rehabilitation. The bill introduces new audit requirements and specifies conditions under which tax exemptions may be lost.

SB2767 amends tax exemption rules for multifamily residential developments owned by public facility corporations in Texas.

SB2767 amends the Local Government Code to modify tax exemption rules for multifamily residential developments owned by public facility corporations. It requires annual audits for compliance with income housing unit requirements and rent reduction provisions. The bill mandates that at least 10% of units be reserved for lower-income housing and 40% for moderate-income housing. It also stipulates that a certain percentage of acquisition costs must be spent on rehabilitation. The bill introduces new audit requirements and specifies conditions under which tax exemptions may be lost.