TX HB4307

Expands audit requirements for multifamily residential developments claiming property tax exemptions under public facility corporations to apply to all such developments, not just those meeting specific income-restricted housing criteria under Section 303.0421

Requires public facility users claiming the tax exemption to submit a one-time exemption application on a comptroller-promulgated form to the Texas Department of Housing and Community Affairs and the county tax assessor-collector

Mandates that annual audit reports be submitted to the department and chief appraiser by June 1 each year, with findings published on the department's website within 60 days of receipt

Provides that tax exemptions will be denied for noncompliance with audit requirements or income-restriction standards, with a 60-day cure period after written notice of violations before exemption loss takes effect

Applies retroactively to all multifamily residential developments claiming exemptions regardless of when approved or acquired, taking effect September 1, 2025