1-1  By:  Ellis                                             S.B. No. 631
    1-2        (In the Senate - Filed February 17, 1995; February 20, 1995,
    1-3  read first time and referred to Committee on Intergovernmental
    1-4  Relations; April 20, 1995, reported adversely, with favorable
    1-5  Committee Substitute by the following vote:  Yeas 8, Nays 0;
    1-6  April 20, 1995, sent to printer.)
    1-7  COMMITTEE SUBSTITUTE FOR S.B. No. 631                    By:  Ellis
    1-8                         A BILL TO BE ENTITLED
    1-9                                AN ACT
   1-10  relating to the duties and assets of housing finance corporations.
   1-11        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-12        SECTION 1.  Subsection (b), Section 394.023, Local Government
   1-13  Code, is amended to read as follows:
   1-14        (b)  If the board of directors determines that sufficient
   1-15  provision has been made for full payment of the expenses, bonds,
   1-16  and other obligations of the corporation, any net corporate
   1-17  earnings accruing after the determination shall be paid to the
   1-18  local government.  The local government may use amounts received
   1-19  under this subsection only to provide for the housing needs of
   1-20  individuals and families with incomes of less than 60 percent of
   1-21  the local median family income as determined by the United States
   1-22  Department of Housing and Urban Development and adjusted for the
   1-23  size of the family.
   1-24        SECTION 2.  Subsection (b), Section 394.026, Local Government
   1-25  Code, is amended to read as follows:
   1-26        (b)  On the filing of the certificate of dissolution, the
   1-27  corporation is dissolved.  The title to all funds and property
   1-28  owned by the corporation at the time of dissolution vests in the
   1-29  local government to be used exclusively by the local government to
   1-30  provide for the housing needs of individuals and families with
   1-31  incomes of less than 60 percent of the local median family income
   1-32  as determined by the United States Department of Housing and Urban
   1-33  Development and adjusted for the size of the family.  The funds and
   1-34  property shall be promptly delivered to the local government.
   1-35        SECTION 3.  Subchapter C, Chapter 394, Local Government Code,
   1-36  is amended by adding Section 394.027 to read as follows:
   1-37        Sec. 394.027.  ANNUAL REPORT.  (a)  Before January 31 of each
   1-38  year a housing finance corporation shall file with the Texas
   1-39  Department of Housing and Community Affairs a report in accordance
   1-40  with this section.  The department by rule shall prescribe the form
   1-41  of the report.
   1-42        (b)  The report must include for all single-family home
   1-43  mortgage loans made by the housing finance corporation or made as a
   1-44  result of the activities of the corporation during the preceding
   1-45  calendar year:
   1-46              (1)  the number and total face value of the loans;
   1-47              (2)  the location by census tracts of the homes for
   1-48  which the loans were made;
   1-49              (3)  the race or ethnicity and family size of the
   1-50  borrowers of the loans; and
   1-51              (4)  the income of the borrowers of the loans.
   1-52        (c)  The report must include for persons residing in
   1-53  multifamily housing units financed by the housing finance
   1-54  corporation:
   1-55              (1)  the incomes and family sizes of the renters;
   1-56              (2)  the amounts of rent charged; and
   1-57              (3)  the number of persons, by race or ethnicity,
   1-58  residing in the units.
   1-59        SECTION 4.  The changes in law made by this Act:
   1-60              (1)  to Sections 394.023 and 394.026, Local Government
   1-61  Code, apply only to earnings that are received by and to funds and
   1-62  property that vest in a local government on or after the effective
   1-63  date of this Act; and
   1-64              (2)  by the addition of Section 394.027, Local
   1-65  Government Code, apply beginning with the first full calendar year
   1-66  that begins after the effective date of this Act.
   1-67        SECTION 5.  This Act takes effect September 1, 1995.
   1-68        SECTION 6.  The importance of this legislation and the
    2-1  crowded condition of the calendars in both houses create an
    2-2  emergency and an imperative public necessity that the
    2-3  constitutional rule requiring bills to be read on three several
    2-4  days in each house be suspended, and this rule is hereby suspended.
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