Enrolled Bill Summary

            House Bill 3451 amends the Government Code to continue the Texas State Affordable Housing Corporation until September 1, 2003. The bill requires the corporation to establish a teachers home loan program to provide low-interest home mortgage loans to eligible teachers whose income does not exceed 115 percent of area median family income, and it requires an annual allotment of $25 million of the portion of the state ceiling dedicated for reservation by issuers of qualified mortgage bonds to the corporation for the purpose of issuing mortgage bonds in connection with the loan program. The bill requires the legislature to make recommendations to remedy any problems if the Sunset Advisory Commission finds that the teachers home loan program is not being managed to accomplish its goal, and if the legislature abolishes the corporation, the loan program will be transferred to another appropriate state agency. The bill requires the corporation to establish the loan program not later than September 1, 2003, and provides for the loan program to expire September 1, 2012.

            House Bill 3451 allows the board of directors of the corporation to delegate authority to a member of the board or to an employee of the corporation to enter into a contract to issue bonds or other obligations for the corporation. The bill requires the corporation to supplement the technical and financial capacity of other appropriate nonprofit organizations to provide for housing needs of low income individuals and families.