Relating to public facility corporations.

SB 2767 modifies tax exemption rules for public facility corporations developing or acquiring multifamily housing in Texas. To maintain tax exemptions, corporations must reserve at least 10% of units for lower-income housing and 40% for moderate-income housing, as defined in existing law. For acquired properties, corporations can choose either to meet these unit requirements plus spend 15% of the acquisition cost on rehabilitation within three years, or reserve 25% of units for each income level and secure local government approval. The bill also requires written notice to local governments 30 days before development approval and an independent underwriting assessment.