By: Cortez, et al. H.B. No. 2027       A BILL TO BE ENTITLED   AN ACT   relating to the allocation of low income housing tax credits.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 2306.6725(b), Government Code, is   amended to read as follows:          (b)  The department shall provide appropriate incentives as   determined through the qualified allocation plan to reward   applicants who agree to:                (1)  equip the development that is the basis of the   application with energy saving devices that meet the standards   established by the state energy conservation office; or                (2)  provide to a qualified entity, in a land use   restriction agreement in accordance with Section 2306.6726, a right   of first refusal to purchase the development at the minimum price   provided in, and in accordance with the requirements of, Section   42(i)(7), Internal Revenue Code of 1986 (26 U.S.C. Section   42(i)(7))[; and                [(2)  locate the development in a census tract in which   there are no other existing developments supported by housing tax   credits].          SECTION 2.  The change in law made by this Act applies only   to an application for low income housing tax credits that is   submitted to the Texas Department of Housing and Community Affairs   during an application cycle that is based on the 2022 qualified   allocation plan or a subsequent plan adopted by the governing board   of the department. An application that is submitted during an   application cycle that is based on an earlier qualified allocation   plan is governed by the law in effect on the date the application   cycle began, and the former law is continued in effect for that   purpose.          SECTION 3.  This Act takes effect September 1, 2021.