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 new definitions related to the program, including "affordable," "low-income household," and "veterans' land bank plan." It mandates the corporation to acquire, hold, and transfer real property to facilitate this housing initiative, with specific provisions for properties acquired through tax lien foreclosures. The corporation is also required to develop an annual veterans' land bank plan and prepare a performance report detailing the program's financial activities and property management.

Additionally, the bill amends existing laws to include the veterans' land bank program within the scope of charitable organizations that can acquire and manage unimproved real property. It specifies that properties sold or rented under the program must be directed to veterans who are low-income, with deed restrictions ensuring compliance. The bill also outlines the conditions under which properties may be sold to the corporation for less than market value, provided there is consent from the relevant taxing units. The act is set to take effect on September 1, 2025.

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