Bill Text: TX SB1464 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to transferring certain functions of the Texas Department of Housing and Community Affairs to the Texas State Affordable Housing Corporation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-04-27 - Left pending in committee [SB1464 Detail]
Download: Texas-2011-SB1464-Introduced.html
82R9223 JAM-F | ||
By: Williams | S.B. No. 1464 |
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relating to transferring certain functions of the Texas Department | ||
of Housing and Community Affairs to the Texas State Affordable | ||
Housing Corporation. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 1372.0221, Government Code, is amended | ||
to read as follows: | ||
Sec. 1372.0221. DEDICATION OF PORTION OF STATE CEILING FOR | ||
PROFESSIONAL EDUCATORS HOME LOAN PROGRAM. Until August 7, out of | ||
that portion of the state ceiling that is available exclusively for | ||
reservations by the Texas State Affordable Housing Corporation | ||
under Section 1372.0223, 20 [ |
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year and made available to the corporation for the purpose of | ||
issuing qualified mortgage bonds in connection with the | ||
professional educators home loan program established under Section | ||
2306.562. | ||
SECTION 2. Section 1372.0222, Government Code, is amended | ||
to read as follows: | ||
Sec. 1372.0222. DEDICATION OF PORTION OF STATE CEILING FOR | ||
FIRE FIGHTER, LAW ENFORCEMENT OR SECURITY OFFICER, AND EMERGENCY | ||
MEDICAL SERVICES PERSONNEL HOME LOAN PROGRAM. Until August 7, out | ||
of that portion of the state ceiling that is available exclusively | ||
for reservations by the Texas State Affordable Housing Corporation | ||
under Section 1372.0223, 10 [ |
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year and made available to the corporation for the purpose of | ||
issuing qualified mortgage bonds in connection with the fire | ||
fighter, law enforcement or security officer, and emergency medical | ||
services personnel home loan program established under Section | ||
2306.5621. | ||
SECTION 3. Subchapter B, Chapter 1372, Government Code, is | ||
amended by adding Section 1372.02221 to read as follows: | ||
Sec. 1372.02221. DEDICATION OF PORTION OF STATE CEILING FOR | ||
PROGRAMS ADMINISTERED BY TEXAS STATE AFFORDABLE HOUSING | ||
CORPORATION. Until August 7, out of that portion of the state | ||
ceiling that is available exclusively for reservations by the Texas | ||
State Affordable Housing Corporation under Section 1372.0223, 70 | ||
percent shall be allotted each year and made available to the | ||
corporation for the purpose of issuing qualified mortgage bonds in | ||
connection with the programs established under Sections 2306.562 | ||
and 2306.5621 or any other home loan program administered by the | ||
corporation. | ||
SECTION 4. Section 1372.0223, Government Code, is amended | ||
to read as follows: | ||
Sec. 1372.0223. DEDICATION OF PORTION OF STATE CEILING TO | ||
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of that portion of the state ceiling that is available exclusively | ||
for reservations by issuers of qualified mortgage bonds under | ||
Section 1372.022: | ||
(1) 40 [ |
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Texas State Affordable Housing Corporation for the purpose of | ||
issuing qualified mortgage bonds; and | ||
(2) 60 [ |
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housing finance corporations for the purpose of issuing qualified | ||
mortgage bonds. | ||
SECTION 5. Sections 1372.0231(a), (b-1), (c), (d), (g), and | ||
(i), Government Code, are amended to read as follows: | ||
(a) Until August 15, of that portion of the state ceiling | ||
that is available exclusively for reservations by issuers of | ||
qualified residential rental project bonds: | ||
(1) 80 [ |
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finance corporations in the manner described by Subsections | ||
(c)-(f); and | ||
(2) 20 [ |
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the Texas State Affordable Housing Corporation in the manner | ||
described by Subsection (b-1). | ||
(b-1) With respect to the amount of the state ceiling set | ||
aside under Subsection (a)(2) [ |
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qualified residential rental project bonds and allocate bond funds | ||
at the direction of the Texas State Affordable Housing Corporation | ||
as provided by Section 2306.565. Issuances made by the board under | ||
this subsection are subject to review and approval by the board | ||
under Section 1231.041. | ||
(c) With respect to the amount of the state ceiling set | ||
aside under Subsection (a)(1) [ |
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reservations in a manner that ensures that not more than 50 percent | ||
of the set-aside amount is used for proposed projects that are | ||
located in qualified census tracts as defined by the most recent | ||
publication by the United States Department of Housing and Urban | ||
Development. | ||
(d) Except as provided by Subsection (i), before May 1, the | ||
board shall apportion the amount of the state ceiling set aside | ||
under Subsection (a)(1) [ |
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regions according to the percentage of the state's population that | ||
resides in each of those regions. | ||
(g) On or after May 1, the board may not grant available | ||
reservations to housing finance corporations described by | ||
Subsection (a)(1) [ |
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any segments of those regions. | ||
(i) Before May 1, the board shall apportion the amount of | ||
the state ceiling set aside under Subsection (a)(1) [ |
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among uniform state service regions with respect to which an issuer | ||
has submitted an application for a reservation of the state ceiling | ||
on or before March 1. | ||
SECTION 6. Section 1372.025(b), Government Code, is amended | ||
to read as follows: | ||
(b) Subsection (a) does not apply to qualified mortgage | ||
bonds or qualified residential rental project bonds made available | ||
exclusively to [ |
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Housing Corporation under Sections 1372.0221, [ |
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1372.02221. | ||
SECTION 7. Section 1372.028(d), Government Code, is amended | ||
to read as follows: | ||
(d) An issuer is not required to provide the statement | ||
required by Subsection (c)(3)(F) if the issuer: | ||
(1) is an issuer of a state-voted issue; | ||
(2) is the [ |
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(3) provides evidence that one or more binding | ||
contracts have been entered into, or other evidence acceptable to | ||
the board as described by program rule, to spend the unexpended | ||
proceeds by the later of: | ||
(A) 12 months after the date the board receives | ||
the application; or | ||
(B) December 31 of the program year for which the | ||
application is filed. | ||
SECTION 8. Section 1372.037(a), Government Code, is amended | ||
to read as follows: | ||
(a) Except as provided by Subsection (b), before August 15 | ||
the board may not grant for any single project a reservation for | ||
that year that is greater than: | ||
(1) $40 million, if the issuer is an issuer of | ||
qualified mortgage bonds, other than the [ |
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Housing Corporation; | ||
(2) $50 million, if the issuer is an issuer of a | ||
state-voted issue, other than the Texas Higher Education | ||
Coordinating Board, or $75 million, if the issuer is the Texas | ||
Higher Education Coordinating Board; | ||
(3) the amount to which the Internal Revenue Code | ||
limits issuers of qualified small issue bonds and enterprise zone | ||
facility bonds, if the issuer is an issuer of those bonds; | ||
(4) the lesser of $20 million or 15 percent of the | ||
amount set aside for reservation by issuers of qualified | ||
residential rental project bonds, if the issuer is an issuer of | ||
those bonds; | ||
(5) the amount as prescribed in Sections 1372.033(d), | ||
(e), and (f), if the issuer is an issuer authorized by Section | ||
53B.47, Education Code, to issue qualified student loan bonds; or | ||
(6) $50 million, if the issuer is any other issuer of | ||
bonds that require an allocation. | ||
SECTION 9. Section 1372.040, Government Code, is amended to | ||
read as follows: | ||
Sec. 1372.040. RESERVATION BY CERTAIN ISSUERS OF QUALIFIED | ||
MORTGAGE BONDS OF MONEY FOR MORTGAGES FOR CERTAIN PERSONS. An | ||
issuer of qualified mortgage bonds, other than the [ |
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Affordable Housing Corporation, shall reserve for six months 50 | ||
percent of the funds available for loans outside the federally | ||
designated target areas to provide mortgages to individuals and | ||
families with incomes below 80 percent of the applicable median | ||
family income, as defined by Section 143(f)(4), Internal Revenue | ||
Code (26 U.S.C. Section 143(f)(4)). | ||
SECTION 10. Section 2306.1076(b), Government Code, is | ||
amended to read as follows: | ||
(b) The [ |
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funding for the program from gifts and grants for the purposes of | ||
this section. | ||
SECTION 11. Section 2306.253, Government Code, is | ||
transferred to Subchapter Y, Chapter 2306, Government Code, | ||
redesignated as Section 2306.570, Government Code, and amended to | ||
read as follows: | ||
Sec. 2306.570 [ |
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(a) The corporation [ |
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statewide homebuyer education program designed to provide | ||
information and counseling to prospective homebuyers about the home | ||
buying process. | ||
(b) The corporation [ |
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in cooperation with the Texas AgriLife [ |
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Service, the Health and [ |
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Commission, the Real Estate [ |
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University, the Texas Workforce Commission, experienced homebuyer | ||
education providers, community-based organizations, and advocates | ||
of affordable housing. When feasible, the corporation [ |
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centers established under Subchapter Z [ |
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(c) The corporation [ |
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existing training and informational materials available from | ||
sources such as the United States Department of Housing and Urban | ||
Development, the cooperative extension system, the Neighborhood | ||
Reinvestment Corporation, and existing homebuyer education | ||
providers. | ||
(d) In order to implement this section, the corporation | ||
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education program, including: | ||
(1) the amount of administrative or service fees the | ||
corporation [ |
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bonds that exceeds the amount the corporation [ |
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pay its overhead costs in administering its bond programs; and | ||
(2) money the corporation [ |
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other entities by gift or grant under a contract. | ||
SECTION 12. The heading to Section 2306.565, Government | ||
Code, is amended to read as follows: | ||
Sec. 2306.565. ISSUANCE OF QUALIFIED RESIDENTIAL RENTAL | ||
PROJECT BONDS; ALLOCATION OF BOND FUNDS; COMPLIANCE MONITORING. | ||
SECTION 13. Section 2306.565, Government Code, is amended | ||
by adding Subsection (k) to read as follows: | ||
(k) The corporation shall perform compliance monitoring and | ||
physical inspections to ensure that recipients of money funded by | ||
bonds issued by the corporation or the department under Section | ||
1372.0231(a) comply with all legal and contractual requirements for | ||
receiving that money, except that the department shall continue to | ||
perform compliance monitoring and physical inspections in relation | ||
to contracts maintained under department programs that are | ||
otherwise funded using federal money. | ||
SECTION 14. The following provisions of the Government Code | ||
are repealed: | ||
(1) Section 1372.023; | ||
(2) Section 1372.0231(b), as amended by Chapters 330 | ||
(S.B. 264) and 1329 (S.B. 1664), Acts of the 78th Legislature, | ||
Regular Session, 2003; and | ||
(3) Section 1372.0231(h). | ||
SECTION 15. The change in law made by this Act in amending | ||
Chapter 1372, Government Code, applies only to a reservation of | ||
state ceiling granted on or after January 1, 2012. | ||
SECTION 16. 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, 2011. |