Texas House Bill 21 aims to close loophole affecting housing finance corporations

During a recent meeting in Collin County, officials discussed significant developments from the ongoing 89th legislative session, particularly focusing on a new bill aimed at addressing a critical issue affecting local housing finance.

The highlight of the meeting was the introduction of House Bill 21, which seeks to close a loophole that has allowed Housing Finance Corporations (HFCs) to purchase properties outside their designated counties. This practice has resulted in substantial tax revenue losses for local governments, particularly impacting funding for essential services. The bill aims to ensure that properties owned by HFCs contribute to the tax rolls, potentially recovering millions of dollars that could benefit the community.

Commissioner Russell Schumpeter emphasized the importance of this legislation, noting that while Collin County has not yet faced significant challenges from this issue, neighboring counties have struggled. The support from key legislative figures, including Speaker Burrows and the lieutenant governor, suggests that the bill may gain the traction needed to pass.

In addition to the discussion on HB 21, officials expressed optimism about the legislative session's progress and the potential for further beneficial measures. The meeting underscored the ongoing commitment of local leaders to monitor legislative developments closely and advocate for policies that directly impact the community's well-being.

As the session continues, residents can expect further updates on how these legislative efforts may enhance local housing stability and financial health. The proactive approach taken by Collin County officials reflects a dedication to addressing community needs and ensuring that local governments can effectively serve their residents.