Texas Gov. Greg Abbott (R) approved legislation halting low-income housing finance deals in which outside developers obtain lengthy property tax exemptions without gaining local approvals and offering rent reductions.
Abbott on Wednesday signed HB 21, which passed with wide bipartisan support in the Texas House and Senate earlier this month. The legislation places new restrictions on the way tax exemptions are provided to housing finance corporations, HFCs, ensuring municipalities retain control over project approvals and affordability is accorded to low-income renters. In Texas, HFCs are entities that secure funding for affordable housing projects by issuing tax-exempt bonds.
The ...
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