Bill Text: TX HB1512 | 2017-2018 | 85th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the administration of the owner-builder loan program.

Spectrum: Bipartisan Bill

Status: (Passed) 2017-06-15 - Effective immediately [HB1512 Detail]

Download: Texas-2017-HB1512-Comm_Sub.html

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By: Isaac (Senate Sponsor - Watson) H.B. No. 1512
(In the Senate - Received from the House April 24, 2017;
May 3, 2017, read first time and referred to Committee on
Intergovernmental Relations; May 15, 2017, reported adversely,
with favorable Committee Substitute by the following vote: Yeas 6,
Nays 0; May 15, 2017, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR H.B. No. 1512 By: Garcia

A BILL TO BE ENTITLED
AN ACT
relating to the administration of the owner-builder loan program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.754(b), Government Code, is amended
to read as follows:
(b) If it is not possible for an owner-builder to purchase
necessary real property and build or rehabilitate adequate housing
for $45,000, the owner-builder must obtain the amount necessary
that exceeds $45,000 from other sources of funds. [The total amount
of amortized, repayable loans made by the department and other
entities to an owner-builder under this subchapter may not exceed
$90,000.]
SECTION 2. Section 2306.7581(b), Government Code, is
amended to read as follows:
(b) Notwithstanding any other law, all money received by the
department in accordance with this subchapter, including any amount
received by the department for payment of the principal of or
interest on a loan made under this subchapter, is part of the
owner-builder revolving loan fund. All money constituting part of
the owner-builder revolving loan fund shall be deposited in the
housing trust fund established under Section 2306.201 [The
department shall deposit money received in repayment of a loan
under this subchapter to the owner-builder revolving loan fund].
SECTION 3. As soon as practicable after the effective date
of this Act, the Texas Department of Housing and Community Affairs
shall adopt rules necessary to implement Section 2306.754(b),
Government Code, as amended by this Act.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2017.
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