Relating to the establishment of the workforce housing program by the Texas Department of Housing and Community Affairs.

SB 960 creates a Texas workforce housing program administered by the Texas Department of Housing and Community Affairs. It provides developers with low-interest loans (capped at 20% of construction costs) structured as mezzanine real estate loans, set at 1% above the Federal Reserve's overnight rate. To qualify, housing developments must reserve 75% of units for residents earning no more than 120% of the area median income (adjusted for family size) and maintain affordable rents (capped at 30% of income) for 20 years after receiving funding. This program directly affects developers building multifamily housing projects meeting these affordability requirements.