House Bill 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 veterans' land bank program among the charitable functions that organizations can perform. It allows for the acquisition and transfer of unimproved real property under this program, thereby expanding the scope of charitable organizations involved in housing initiatives. The bill emphasizes the importance of serving rural and underserved areas and requires the corporation to consider local housing plans when implementing the veterans' land bank program. The act is set to take effect on September 1, 2025.

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