The bill, H.B. No. 1810, proposes the establishment of a workforce housing program by the Texas Department of Housing and Community Affairs. It introduces a new section, 2306.2595, to the Government Code, which outlines the program's purpose of providing financial assistance to municipalities for the construction and rehabilitation of eligible workforce housing developments. The financial assistance can be in the form of grants or low-interest loans, and it must be prorated based on the size of the participating municipality. To qualify for this assistance, developments must consist of new construction or substantial rehabilitation, reserve a percentage of units for individuals and families earning between 30% and 120% of the area median income, and maintain affordability for at least 20 years.

Additionally, the bill establishes a workforce housing fund, which will be a special account in the state treasury, funded through various sources including appropriations, loan repayments, and donations. The Department is tasked with adopting rules to implement the program, including criteria for municipality participation, affordability requirements, and a scoring system for prioritizing developments. Financial assistance must be utilized within 36 months, and any unspent funds must be returned to the department. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: ()