Texas Housing Department Adopts Income Tax Regulations on Multifamily Rental Housing Revenue Bonds

The Texas Department of Housing and Community Affairs Nov. 20 adopted regulations to enact new provisions related to multifamily rental housing revenue bonds for corporate income and individual income tax purposes. The rules include measures: 1) clarifying requirements for issuing bonds, procedures for application, and the regulatory and land-use restrictions imposed upon bond-financed developments; 2) defining various terms; 3) setting requirements of bond ratings and investment letters; 4) establishing the pre-application process and evaluation; and 5) implementing pre-application threshold requirements. The regulations will take effect Nov. 26. [Tex. Dep’t of Hous. & Cmty. Affairs, Tex. Admin. Code tit. 10 Sections ...