Bill Text: TX SB1690 | 2013-2014 | 83rd Legislature | Comm Sub
Bill Title: Relating to the establishment of a down payment assistance program by the manufactured housing division of the Texas Department of Housing and Community Affairs for the purchase of manufactured homes by low-income individuals and families.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-04-29 - Committee report printed and distributed [SB1690 Detail]
Download: Texas-2013-SB1690-Comm_Sub.html
| By: Lucio | S.B. No. 1690 | |
| (In the Senate - Filed March 8, 2013; March 25, 2013, read | ||
| first time and referred to Committee on Intergovernmental | ||
| Relations; April 29, 2013, reported adversely, with favorable | ||
| Committee Substitute by the following vote: Yeas 3, Nays 0; | ||
| April 29, 2013, sent to printer.) | ||
| COMMITTEE SUBSTITUTE FOR S.B. No. 1690 | By: Garcia | |
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| relating to the establishment of a down payment assistance program | ||
| by the manufactured housing division of the Texas Department of | ||
| Housing and Community Affairs for the purchase of manufactured | ||
| homes by low-income individuals and families. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 1201, Occupations Code, is | ||
| amended by adding Section 1201.063 to read as follows: | ||
| Sec. 1201.063. DOWN PAYMENT ASSISTANCE PROGRAM. (a) The | ||
| department shall establish a program providing down payment | ||
| assistance to eligible persons for the purchase of manufactured | ||
| homes: | ||
| (1) from a retailer licensed under this chapter; or | ||
| (2) that have been converted to and are being sold as | ||
| real property. | ||
| (b) To be eligible for financial assistance under this | ||
| section, a person must: | ||
| (1) be an individual or family earning not more than 80 | ||
| percent of the area median income or applicable federal poverty | ||
| line as determined under Section 2306.123 or 2306.1231, Government | ||
| Code; and | ||
| (2) except as provided by board rule, continuously | ||
| occupy the purchased manufactured home as the person's primary | ||
| residence for at least the two-year period following the date of | ||
| purchase of the home. | ||
| (c) For each manufactured home purchased with financial | ||
| assistance under this section, the assistance may not exceed the | ||
| lesser of: | ||
| (1) $2,000; | ||
| (2) 50 percent of any down payment required by the | ||
| primary lender; or | ||
| (3) five percent of the total purchase price of the | ||
| manufactured home and the real property on which a manufactured | ||
| home has been installed, if a real property election has been | ||
| perfected under Section 1201.222(a). | ||
| (d) Financial assistance provided under this section must | ||
| be provided in connection with a primary loan that: | ||
| (1) is from a lender licensed to make consumer loans in | ||
| this state or a federally insured depository institution if the | ||
| loan does not involve the use of real property as security; or | ||
| (2) complies with the applicable requirements of state | ||
| and federal law if the loan involves the use of real property as | ||
| security. | ||
| (e) The board shall adopt rules governing: | ||
| (1) the administration of the program; | ||
| (2) the issuance of financial assistance under the | ||
| program; | ||
| (3) creditworthiness, purchase price, and other | ||
| eligibility standards; | ||
| (4) exceptions to the residency requirement under | ||
| Subsection (b)(2), including death, loss of employment, or other | ||
| exigent circumstances; | ||
| (5) contractual enforcement of the residency | ||
| requirement under Subsection (b)(2); and | ||
| (6) the structure of the financial assistance provided | ||
| under this section, which may include secured or unsecured deferred | ||
| forgivable loans. | ||
| (f) The department may fund the program with: | ||
| (1) money appropriated to the department for that | ||
| purpose; and | ||
| (2) money from the housing trust fund established | ||
| under Section 2306.201, Government Code, that is made available to | ||
| the department for that purpose. | ||
| (g) The department may reserve for payment of | ||
| administrative expenses not more than five percent of money | ||
| received for the program under this section. | ||
| SECTION 2. The Texas Department of Housing and Community | ||
| Affairs shall adopt the rules required by Subsection (e), Section | ||
| 1201.063, Occupations Code, as added by this Act, not later than | ||
| December 1, 2013. | ||
| SECTION 3. This Act takes effect September 1, 2013. | ||
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