The bill amends the State Housing Development Authority Act of 1966 by updating Section 22 and adding Section 22e, which grants the authority various powers necessary for its functions, such as the ability to sue, make contracts, conduct housing studies, and engage in research. It allows the authority to establish fees for its services, clarifies that these fees are not considered interest, and enables the authority to acquire property and provide technical assistance for housing projects. Significant changes include replacing "servicing" with "services" regarding fees, clarifying the authority's role as the sole statewide public housing agency while accepting federal funds, and modifying language related to the authority's approval of housing corporations and cooperatives.

The bill also introduces a housing opportunity tax credit program to encourage the development of qualified housing projects, with criteria for awarding credits and a cap adjusted based on the Consumer Price Index. It outlines the authority's responsibilities in managing debt service, including entering into interest rate swaps and making working capital loans to contractors. Additionally, it emphasizes the need for a code of ethics for authority employees and allows for covenants on properties to comply with housing laws. The bill defines key terms related to tax credits and stipulates that it will not take effect unless three other specified bills from the 103rd Legislature are enacted, aiming to enhance the framework for housing opportunity tax credits and improve access to affordable housing.

Statutes affected:
Substitute (H-1): 125.1422
Substitute (H-3): 125.1422
House Introduced Bill: 125.1422
As Passed by the House: 125.1422