Relating to the definition of "closing" for purposes of certain private activity bonds.

HB 1718 amends Texas law to clarify the definition of "closing" for private activity bonds, specifically affecting developers and issuers of these bonds. The bill allows "closing" to include delivery of bonds in exchange for at least 10% of the required payment for qualified residential rental project bonds, enabling incremental funding. It also explicitly excludes bond deliveries where proceeds depend on credit enhancement. This change streamlines bond issuance processes for housing projects without altering tax treatment or funding requirements. The bill takes effect immediately if passed with a two-thirds vote or September 1, 2025, if not.