Bill Text: TX HB1402 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to the purposes of and income eligibility limits for participation in programs offered by the Texas State Affordable Housing Corporation.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Engrossed - Dead) 2019-05-22 - Not again placed on intent calendar [HB1402 Detail]
Download: Texas-2019-HB1402-Comm_Sub.html
By: Walle, Meyer (Senate Sponsor - Lucio) | H.B. No. 1402 | |
(In the Senate - Received from the House April 24, 2019; | ||
April 25, 2019, read first time and referred to Committee on | ||
Intergovernmental Relations; May 6, 2019, reported adversely, with | ||
favorable Committee Substitute by the following vote: Yeas 4, | ||
Nays 3; May 6, 2019, sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR H.B. No. 1402 | By: Lucio |
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relating to the purposes of and income eligibility limits for | ||
participation in programs offered by the Texas State Affordable | ||
Housing Corporation. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2306.551, Government Code, is amended to | ||
read as follows: | ||
Sec. 2306.551. DEFINITIONS [ |
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subchapter: | ||
(1) "Corporation" [ |
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State Affordable Housing Corporation. | ||
(2) "Economic development opportunities" means | ||
financing activities that: | ||
(A) maintain or increase employment in an area of | ||
high unemployment or an area with a concentration of individuals | ||
and families of moderate, low, very low, and extremely low income; | ||
(B) constitute activities that would not | ||
otherwise occur in the area in the absence of economic development; | ||
(C) support the public purposes of the | ||
corporation described by Section 2306.553; and | ||
(D) do not limit, impair, or conflict with the | ||
public purposes or activities of the Texas Economic Development and | ||
Tourism Office established under Chapter 481, including duties, | ||
powers, or purposes relating to the: | ||
(i) Texas Economic Development Corporation | ||
established under Section 481.024; | ||
(ii) capital access fund established under | ||
Section 481.402; and | ||
(iii) capital access program established | ||
under Section 481.405. | ||
SECTION 2. Section 2306.553(a), Government Code, is amended | ||
to read as follows: | ||
(a) The public purpose of the corporation is to perform | ||
activities and services that the corporation's board of directors | ||
determines will promote the public health, safety, and welfare | ||
through the provision of adequate, safe, and sanitary housing and | ||
economic development opportunities primarily for individuals and | ||
families of moderate, low, very low, and extremely low income and | ||
for persons who are eligible for loans under the home loan program | ||
provided by Section 2306.5621. The activities and services shall | ||
include engaging in mortgage banking activities and lending | ||
transactions and acquiring, holding, selling, or leasing real or | ||
personal property. | ||
SECTION 3. This Act takes effect September 1, 2019. | ||
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