Enrolled Bill Summary

House Bill 3552	House Author:  Orr
Effective:  9-1-07	Senate Sponsor:  Lucio

            House Bill 3552 amends provisions of the Government Code relating to the issuance of private activity bonds by the Bond Review Board to state and local housing finance corporations. Among other provisions, the bill expands the bond program to include certain rehabilitation or new construction projects and to allow the use of additional types of bonds for financing eligible facilities. The bill changes the portion of the state ceiling dedicated annually to various home loan programs from a dollar amount to a percentage basis, changes the deadlines for those apportionments, and requires the board to give second priority to projects in which at least 80 percent, rather than 100 percent, of residential units meet specified criteria for low-income housing. In addition, the bill makes changes to home loan programs for certain educators, fire fighters, and law enforcement or security officers available through the Texas State Affordable Housing Corporation.