TX SB2767

Requires approval from all taxing units (not just the municipality or county) for multifamily residential developments seeking property tax exemptions through public facility corporations

Prohibits corporations from transferring tax exemptions to another entity unless substantially all assets are also transferred in the same transaction

Mandates that acquired multifamily developments spend at least 15% of total acquisition cost on rehabilitation/renovation, with work beginning within one year and completing within three years of acquisition

Requires annual rent reductions at developments to equal at least 60% of what property taxes would be without the exemption, with tax exemption lost if this threshold is not met

Expands audit requirements to all multifamily residential developments claiming property tax exemptions (not just certain developments) and requires annual compliance reports to the Texas Department of Housing and Community Affairs and local appraisal districts

Prohibits corporations or sponsors from accepting payments from developers in exchange for participation unless approved by each taxing unit where the development is located