TX HB1718

Amends the definition of "closing" in Government Code Section 1372.001(3) for private activity bonds by removing the word "issuance" so closing means only the delivery of a bond in exchange for required payment

Expands the definition of "closing" for qualified residential rental project bonds to include delivery in exchange for partial payment when used for incremental funding, provided the partial payment is at least 10 percent of the total required payment

Maintains the existing exclusion that "closing" does not include bond delivery when expenditure of proceeds is conditioned on obtaining credit enhancement

Takes effect immediately upon receiving a two-thirds vote in both legislative chambers, otherwise takes effect September 1, 2025