By: Ellis S.B. No. 631
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the duties and assets of housing finance corporations.
1-2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-3 SECTION 1. Subsection (b), Section 394.023, Local Government
1-4 Code, is amended to read as follows:
1-5 (b) If the board of directors determines that sufficient
1-6 provision has been made for full payment of the expenses, bonds,
1-7 and other obligations of the corporation, any net corporate
1-8 earnings accruing after the determination shall be paid to the
1-9 local government. The local government may use amounts received
1-10 under this subsection only to provide for the housing needs of
1-11 individuals and families with incomes of less than 60 percent of
1-12 the local median family income as determined by the United States
1-13 Department of Housing and Urban Development and adjusted for the
1-14 size of the family.
1-15 SECTION 2. Subsection (b), Section 394.026, Local Government
1-16 Code, is amended to read as follows:
1-17 (b) On the filing of the certificate of dissolution, the
1-18 corporation is dissolved. The title to all funds and property
1-19 owned by the corporation at the time of dissolution vests in the
1-20 local government to be used exclusively by the local government to
1-21 provide for the housing needs of individuals and families with
1-22 incomes of less than 60 percent of the local median family income
1-23 as determined by the United States Department of Housing and Urban
1-24 Development and adjusted for the size of the family. The funds and
2-1 property shall be promptly delivered to the local government.
2-2 SECTION 3. Subchapter C, Chapter 394, Local Government Code,
2-3 is amended by adding Section 394.027 to read as follows:
2-4 Sec. 394.027. ANNUAL REPORT. (a) Before January 31 of each
2-5 year a housing finance corporation shall file with the Texas
2-6 Department of Housing and Community Affairs a report in accordance
2-7 with this section. The department by rule shall prescribe the form
2-8 of the report.
2-9 (b) The report must include for all single-family home
2-10 mortgage loans made by the housing finance corporation or made as a
2-11 result of the activities of the corporation during the preceding
2-12 calendar year:
2-13 (1) the number and total face value of the loans;
2-14 (2) the location by census tracts of the homes for
2-15 which the loans were made;
2-16 (3) the race or ethnicity and family size of the
2-17 borrowers of the loans; and
2-18 (4) the income of the borrowers of the loans.
2-19 (c) The report must include for persons residing in
2-20 multifamily housing units financed by the housing finance
2-21 corporation:
2-22 (1) the incomes and family sizes of the renters;
2-23 (2) the amounts of rent charged; and
2-24 (3) the number of persons, by race or ethnicity,
2-25 residing in the units.
2-26 SECTION 4. The changes in law made by this Act:
2-27 (1) to Sections 394.023 and 394.026, Local Government
3-1 Code, apply only to earnings that are received by and to funds and
3-2 property that vest in a local government on or after the effective
3-3 date of this Act; and
3-4 (2) by the addition of Section 394.027, Local
3-5 Government Code, apply beginning with the first full calendar year
3-6 that begins after the effective date of this Act.
3-7 SECTION 5. This Act takes effect September 1, 1995.
3-8 SECTION 6. The importance of this legislation and the
3-9 crowded condition of the calendars in both houses create an
3-10 emergency and an imperative public necessity that the
3-11 constitutional rule requiring bills to be read on three several
3-12 days in each house be suspended, and this rule is hereby suspended.