HB 438 amends Section 2306.6738(a) of the Government Code to prohibit development owners of housing supported with low-income housing tax credits from increasing rent for tenants during the term of their lease agreements. Exceptions are allowed for tenants participating in voucher programs under Section 8 of the United States Housing Act of 1937 or similar rental subsidy programs, which may already include adjustments in rent based on changes in tenant income. The new provisions will apply to lease agreements entered into or renewed on or after the bill’s effective date of September 1, 2025.