TX SB234

Establishes a workforce housing program through the Texas Department of Housing and Community Affairs to provide below-market-rate, low-interest mezzanine loans to developers for constructing or rehabilitating multifamily housing

Limits loans to a maximum of 20% of initial construction or rehabilitation costs, with funds required to be spent within 36 months of receipt

Requires eligible developments to reserve units for individuals and families earning between 50% and 120% of area median income, with rent capped at 30% of the applicable monthly income restriction

Mandates affordability requirements be maintained for at least 20 years following receipt of financial assistance

Creates the workforce housing fund as a special account in the state treasury, funded by appropriations, loan repayments, transfers, investment returns, gifts, grants, and other dedicated revenue sources