New Texas Law Revises Tax Credit Set-Aside, Selection Criteria

摘要

A new Texas law that took effect on September 1 revises low-income housing tax credit set-aside requirements and selection criteria, creates an exception to a ban on ex parte communications with Texas Department of Housing and Community Affairs (TDHCA) board members, and allows the department to impose monetary penalties for program violations. Additionally, the legislation (SB 1908) provides for the establishment of urban land banks for affordable housing developments and expands the state's first-time home buyer program by making down payment and closing cost assistance available to borrowers earning up to 80 percent of area median family income (AMFI). The previous limit was 60 percent of AMFI.