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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