Section 2306.6734 - Minority-Owned Businesses(a) The department shall require a person who receives an allocation of housing tax credits to attempt to ensure that at least 30 percent of the construction and management businesses with which the person contracts in connection with the development are minority-owned businesses.(b) A person who receives an allocation of housing tax credits must report to the department not less than once in each 90-day period following the date of allocation regarding the percentage of businesses with which the person has contracted that qualify as minority-owned businesses.(c) In this section: (1) "Minority-owned business" means a business entity at least 51 percent of which is owned by members of a minority group or, in the case of a corporation, at least 51 percent of the shares of which are owned by members of a minority group, and that is managed and controlled by members of a minority group in its daily operations.(2) "Minority group" includes: (E) Mexican Americans and other Americans of Hispanic origin.Tex. Gov't. Code § 2306.6734
Added by Acts 2001, 77th Leg., ch. 1367, Sec. 8.01, eff. 9/1/2001.