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, including the ability to sue, conduct housing studies, and establish fees for its services. It clarifies that fees and charges collected by the authority are not considered interest and allows the authority to operate as the sole statewide public housing agency while accepting federal funds for housing assistance programs. Additionally, the bill enhances the authority's oversight capabilities by allowing it to appoint directors to nonprofit housing corporations under certain conditions and clarifying its role in approving foundational documents for housing organizations.

A significant feature of the bill is the establishment of a housing opportunity tax credit program, which aims to promote the development of qualified housing projects in the state. The authority, in collaboration with the Department of Treasury, will administer this program, with applications for tax credits starting January 1, 2027. The bill outlines criteria for awarding these credits, including financial feasibility and preference for projects using locally manufactured components, while also setting an annual cap on the total credits issued. Furthermore, it defines key terms related to the tax credit program and mandates reporting requirements for project owners and designated reporters, ensuring compliance with federal and state housing laws. The enactment of this bill is contingent upon the passage of two other specified bills from the 103rd Legislature.

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