Enrolled Bill Summary

Senate Bill 1703 amends the Government Code to create a pilot interim construction loan program to provide for the development of affordable housing in the state. The bill directs the Texas Department of Housing and Community Affairs to cooperate with construction supply companies and nonprofit housing assistance organizations to provide interim construction loans for owner-builders and to provide assistance in refinancing interim construction loans to offer private market-rate mortgages to qualified owner-builders. The department is prohibited from spending state money to fund a loan guarantee under this program and must submit annual reports evaluating the program to the governor, lieutenant governor, and speaker of the house.