Texas SB867 amends Local Government Code to modify tax exemptions for multifamily residential developments owned by housing finance corporations.

Texas SB867 amends the Local Government Code to modify the tax exemptions for multifamily residential developments owned by housing finance corporations. The bill specifies conditions for a property-based exemption, including the requirement that at least 10% of units be reserved for lower income housing and 40% for moderate income housing. It mandates annual audits for compliance, outlines procedures for noncompliance, and sets rules for the Texas Department of Housing and Community Affairs in administering these audits.

Texas SB867 amends Local Government Code to modify tax exemptions for multifamily residential developments owned by housing finance corporations.

Texas SB867 amends the Local Government Code to modify the tax exemptions for multifamily residential developments owned by housing finance corporations. The bill specifies conditions for a property-based exemption, including the requirement that at least 10% of units be reserved for lower income housing and 40% for moderate income housing. It mandates annual audits for compliance, outlines procedures for noncompliance, and sets rules for the Texas Department of Housing and Community Affairs in administering these audits.