Bill Caption

Relating to a right of first refusal applicable to the sale of housing developments that have received certain financial assistance administered by the Texas Department of Housing and Community Affairs.

Fiscal Notes

No fiscal implication to the State is anticipated. 

Bill Analysis

When a public housing authority (PHA) sponsors a low-income housing tax credit development, a tax credit partnership owns the actual building structure, but typically leases the land under the building from the PHA, or a public facility corporation established by the PHA.

SB 958 would give a PHA a right of first refusal during the first 60 days of an offer for sale of a facility. The right of first refusal would allow the PHA to acquire the tax credit partnership's interest in a development when the PHA, or a public facility corporation created by the PHA, owns the development owner's leasehold estate (i.e., owns the land under the building outright).

Vote Recommendation Notes

Texas Action remains neutral on SB 958 because it does not promote or violate any of our principles.