TX SB960

Establishes the Workforce Housing Program under the Texas Department of Housing and Community Affairs to provide financial assistance to developers constructing or rehabilitating multifamily housing developments

Creates the Workforce Housing Fund as a special account in the state treasury to provide below-market-rate mezzanine loans to developers at 1% above the Federal Reserve's secured overnight financing rate, capped at 20% of initial construction or rehabilitation costs

Requires eligible developments to reserve at least 75% of units for individuals and families earning no more than 120% of area median income, with rent limited to 30% of monthly income for income-restricted units

Mandates affordability requirements be maintained for a minimum of 20 years following receipt of financial assistance

Requires developers to spend financial assistance within 36 months of receipt, with unspent funds returned to the department and redeposited into the fund