H.B. No. 1608 proposes the establishment of a veterans' land bank program by the Texas State Affordable Housing Corporation, aimed at providing affordable housing for veterans who are members of low-income households. The bill introduces a new section, 2306.5622, to the Government Code, which defines key terms such as "affordable," "low-income household," and "veteran." It mandates the corporation to acquire, hold, and transfer real property to facilitate this program, ensuring that properties are sold or rented to qualified veterans within a specified timeframe. The bill also outlines the requirements for the corporation to develop an annual veterans' land bank plan and to prepare a performance report detailing the program's financial activities and property management.

Additionally, the bill amends existing provisions in the Tax Code to include the acquisition and transfer of unimproved real property under the veterans' land bank program as a function of charitable organizations. This inclusion allows for the facilitation of property transactions that support the program's objectives. The act is set to take effect on September 1, 2025, and emphasizes the importance of serving rural and underserved areas in the state through the corporation's housing plans.

Statutes affected:
Introduced: Government Code 2306.566, Tax Code 11.18 (Government Code 2306, Tax Code 11)