If you read one thing: Big tax cuts for not-so-affordable housing are drawing scrutiny in Houston and the Texas Legislature, where lawmakers are working to pass bills that would change how the tax break deals are regulated.
What are these tax breaks?
The tax breaks for public facility corporations allow for a 100 percent tax break for apartment complexes worth tens of millions with the exemptions lasting for up to 99 years.
While the idea was that developers would take what they saved in property taxes and put it toward lowering rents, some properties that were already considered "affordable" by the law took the tax break without granting any further discounts on any of their units for the public.
What's being done?
Over half a dozen bills to reform such deals were introduced this legislative session. A bill that passed the house would require that 60 percent of the money saved from the tax breaks be used toward rent discounts and require the county, city and school districts impacted by a tax break to consent to each break before it is approved.
State Sen. Paul Bettencourt has said a bill addressing the issue will soon advance to the Senate floor.
Read Rebecca Schuetz's full story here
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