TX HB1608

Texas State Affordable Housing Corporation must establish a veterans' land bank program to acquire, hold, and transfer real property for affordable housing to veterans in low-income households (income at or below 80% of area median family income)

Properties ordered sold through tax lien foreclosure may be sold to the corporation for the program, with taxing units able to consent to sales below market value or below total taxes, penalties, and costs owed

Corporation must sell or rent acquired properties to qualified veterans within 10 years; properties not purchased or leased to veterans within that timeframe must be transferred back to the taxing units that were parties to the original judgment

Deed restrictions requiring subsequent sales or rentals to low-income veteran households must be imposed on properties sold through the program, with restrictions automatically renewing

Corporation must prepare annual performance reports by November 1 detailing all money received and disbursed, properties acquired (including addresses, acquisition dates, taxes owed, assessed values), and properties sold or rented to veterans