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 for this purpose, ensuring that properties are sold or rented to qualified veterans within a specified timeframe. The bill also outlines the requirements for the corporation's annual performance report, which must detail financial activities and property management under the program.

Additionally, the bill amends existing provisions in the Tax Code to include the veterans' land bank program as a function of charitable organizations, allowing them to acquire and manage unimproved real property under this program. The amendments also specify that properties acquired through this program are considered to be used exclusively for charitable purposes. The act is set to take effect on September 1, 2025, and includes provisions for the corporation to consider local housing plans when developing its veterans' land bank plan.

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