Bill Text: TX SB286 | 2013-2014 | 83rd Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to a home loan program operated by the Texas State Affordable Housing Corporation.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-06-14 - Effective immediately [SB286 Detail]
Download: Texas-2013-SB286-Introduced.html
Bill Title: Relating to a home loan program operated by the Texas State Affordable Housing Corporation.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-06-14 - Effective immediately [SB286 Detail]
Download: Texas-2013-SB286-Introduced.html
83R4359 AJZ-D | ||
By: Hinojosa | S.B. No. 286 |
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relating to a home loan program operated by the Texas State | ||
Affordable Housing Corporation. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. 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 the Texas Department of Housing and Community | ||
Affairs under Section 1372.023 or the Texas State Affordable | ||
Housing Corporation under Section 1372.0223(1) [ |
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SECTION 2. Sections 2306.553(a) and (b), Government Code, | ||
are 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 | ||
primarily for individuals and families of low, very low, and | ||
extremely low income and for persons who are eligible for loans | ||
under the home loan program [ |
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shall include engaging in mortgage banking activities and lending | ||
transactions and acquiring, holding, selling, or leasing real or | ||
personal property. | ||
(b) The corporation's primary public purpose is to | ||
facilitate the provision of housing by issuing qualified 501(c)(3) | ||
bonds and qualified residential rental project bonds and by making | ||
affordable loans to individuals and families of low, very low, and | ||
extremely low income and to persons who are eligible for loans under | ||
the home loan program [ |
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single family purchase money mortgage loans for single family homes | ||
only to individuals and families of low, very low, and extremely low | ||
income if the individual's or family's household income is not more | ||
than the greater of 60 percent of the median income for the state, | ||
as defined by the United States Department of Housing and Urban | ||
Development, or 60 percent of the area median family income, | ||
adjusted for family size, as defined by that department. The | ||
corporation may make loans for multifamily developments if: | ||
(1) at least 40 percent of the units in a multifamily | ||
development are affordable to individuals and families with incomes | ||
at or below 60 percent of the median family income, adjusted for | ||
family size; or | ||
(2) at least 20 percent of the units in a multifamily | ||
development are affordable to individuals and families with incomes | ||
at or below 50 percent of the median family income, adjusted for | ||
family size. | ||
SECTION 3. The heading to Section 2306.5621, Government | ||
Code, is amended to read as follows: | ||
Sec. 2306.5621. HOMES FOR TEXAS HEROES [ |
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SECTION 4. Section 2306.5621(a), Government Code, is | ||
amended by amending Subdivisions (2) and (5) and adding | ||
Subdivisions (10), (11), (12), (13), (14), and (15) to read as | ||
follows: | ||
(2) "Home" means a dwelling in this state in which a | ||
fire fighter, corrections officer, county jailer, public security | ||
officer, peace officer, professional educator, or person defined as | ||
emergency medical services personnel under this section intends to | ||
reside as the borrower's principal residence. | ||
(5) "Program" means the Homes for Texas Heroes [ |
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(10) "Allied health program faculty member" means a | ||
full-time member of the faculty of an undergraduate or graduate | ||
allied health program of a public or private institution of higher | ||
education in this state. | ||
(11) "Graduate allied health program" means a | ||
postbaccalaureate certificate or master's or doctoral degree | ||
program in an allied health profession that is accredited by an | ||
accrediting entity recognized by the United States Department of | ||
Education. | ||
(12) "Graduate professional nursing program" and | ||
"undergraduate professional nursing program" have the meanings | ||
assigned by Section 54.355, Education Code. | ||
(13) "Professional educator" means a classroom | ||
teacher, full-time paid teacher's aide, full-time librarian, | ||
full-time counselor certified under Subchapter B, Chapter 21, | ||
Education Code, full-time school nurse, or allied health or | ||
professional nursing program faculty member. | ||
(14) "Professional nursing program faculty member" | ||
means a full-time member of the faculty of either an undergraduate | ||
or graduate professional nursing program. | ||
(15) "Undergraduate allied health program" means an | ||
undergraduate degree or certificate program that: | ||
(A) prepares students for licensure, | ||
certification, or registration in an allied health profession; and | ||
(B) is accredited by an accrediting entity | ||
recognized by the United States Department of Education. | ||
SECTION 5. Sections 2306.5621(b), (c), (d), (f), (h), and | ||
(h-1), Government Code, are amended to read as follows: | ||
(b) The corporation shall establish a program to provide | ||
eligible fire fighters, corrections officers, county jailers, | ||
public security officers, peace officers, [ |
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services personnel, and professional educators with low-interest | ||
home mortgage loans. | ||
(c) To be eligible for a loan under this section, at the time | ||
a person files an application for the loan, the person must: | ||
(1) be a: | ||
(A) fire fighter, corrections officer, county | ||
jailer, public security officer, peace officer, or person defined | ||
as emergency medical services personnel under this section; or | ||
(B) professional educator who is employed by a | ||
school district or is an allied health or professional nursing | ||
program faculty member in this state; | ||
(2) reside in this state; and | ||
(3) have an income of not more than 115 percent of area | ||
median family income, adjusted for family size, or the maximum | ||
amount permitted by Section 143(f), Internal Revenue Code of 1986, | ||
whichever is greater. | ||
(d) The corporation may contract with other agencies of the | ||
state or with private entities to determine whether applicants | ||
qualify as fire fighters, corrections officers, county jailers, | ||
public security officers, peace officers, [ |
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services personnel, or professional educators under this section or | ||
otherwise to administer all or part of this section. | ||
(f) The board of directors of the corporation shall adopt | ||
rules governing: | ||
(1) the administration of the program; | ||
(2) the making of loans under the program; | ||
(3) the criteria for approving mortgage lenders; | ||
(4) the use of insurance on the loans and the homes | ||
financed under the program, as considered appropriate by the board | ||
to provide additional security for the loans; | ||
(5) the verification of occupancy of the home by the | ||
fire fighter, corrections officer, county jailer, public security | ||
officer, peace officer, professional educator, or person defined as | ||
emergency medical services personnel as the borrower's principal | ||
residence; and | ||
(6) the terms of any contract made with any mortgage | ||
lender for processing, originating, servicing, or administering | ||
the loans. | ||
(h) In addition to funds set aside for the program under | ||
Section 1372.0223(1) [ |
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accept funding for the program from the following sources: | ||
(1) gifts and grants for the purposes of this section; | ||
(2) available money in the housing trust fund | ||
established under Section 2306.201, to the extent available to the | ||
corporation; | ||
(3) federal block grants that may be used for the | ||
purposes of this section, to the extent available to the | ||
corporation; | ||
(4) other state or federal programs that provide money | ||
that may be used for the purposes of this section; and | ||
(5) amounts received by the corporation in repayment | ||
of loans made under this section. | ||
(h-1) To fund home mortgage loans for eligible fire | ||
fighters, corrections officers, county jailers, public security | ||
officers, peace officers, [ |
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personnel, and professional educators under this section, the | ||
corporation may use any proceeds received from the sale of bonds, | ||
notes, or other obligations issued under the home loan program | ||
provided by this section, regardless of any amendments to the | ||
eligibility standards for loans made under the program and | ||
regardless of when the corporation received the proceeds from those | ||
bonds, notes, or other obligations issued under the program. | ||
SECTION 6. Sections 1372.0221, 1372.0222, and | ||
2306.5621(i), Government Code, are repealed. | ||
SECTION 7. 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, 2013. |