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HB 3576 seeks to amend the statutory framework which provides the right of first refusal to owners of low income housing tax credit developments. The bill would require the Texas Department of Housing and Community Affairs to adopt rules that provide for the amendment of a land use restriction agreement. Rules adopted under this subsection must require reasonable notice to tenants, a public hearing, and board approval for any material amendment to a land use restriction agreement.
HB 3576 seeks to make administrative changes to low income housing tax credit statutes which already exist, to provide for changes of ownership, and to ensure adequate notice is given to tenants regarding planned changes. The proposed changes do not go for or against our liberty principles. Consequently, we are neutral on HB 3576.
The second chamber sponsor is Sen. Menendez.