Relating to multifamily residential developments financed, owned, or operated by public facility corporations.

HB 3534 modifies Texas law to set requirements for public facility corporations seeking tax exemptions on multifamily residential developments. It mandates that at least 10% of units be reserved for low-income housing and 40% for moderate-income housing, as defined by existing code. Corporations must provide 30 days' written notice to local governing bodies before development approval and obtain local government approval. These rules apply to both new developments and acquisitions of existing properties, with additional rehab cost or unit-reservation requirements for acquired buildings.