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Relating to private activity bonds allocated for affordable housing.
No significant fiscal implication to the State is anticipated.
SB 1474 would propose several changes to private activity bond finance, such as: capping application fees associated with multiple qualified residential rental projects; moving up the existing regional collapse date to ensure earlier bond financing in the year; increasing the per project caps to reflect rising costs in residential rental development; and increasing the allowed time to complete a residential rental bond closing by 30 days (from 150 to 180 days). SB 1474 also increases amounts of reservations for which the board may grant for any single project for that year.
Texas Action remains neutral on SB 1474 because it does not affect our liberty principles. While we generally believe that governmental interference in the housing market is a violation of our principles, this bill appears to be making minor changes and updates to an already-existing program.