By: Ellis S.B. No. 1213
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the deposit of funds in the Housing Trust Fund and use
1-2 of the Housing Trust Fund.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subchapter I, Chapter 2306, Section 2306.201,
1-5 Government Code, is amended to read as follows:
1-6 Sec. 2306.201. Housing Trust Fund.
1-7 (a) The housing trust fund is a fund:
1-8 (1) administered by the department; <through the
1-9 housing finance division;> and
1-10 (2) may be placed with the Texas Treasury Safekeeping
1-11 Trust Company.
1-12 (b) The fund consists of:
1-13 (1) appropriations or transfers made to the fund;
1-14 (2) proceeds of general obligation bonds issued under
1-15 Section 2306.352;
1-16 (3) fees collected pursuant to Section 394.908, Local
1-17 Government Code or Section 2306.184 of this Chapter;
1-18 (4) unencumbered fund balances; <and>
1-19 (5) public or private gifts or grants; and
1-20 (6) investment income.
1-21 SECTION 2. Subchapter I, Chapter 2306, Section 2306.202,
1-22 Government Code, is amended to read as follows:
1-23 Sec. 2306.202. Use of Housing Trust Fund.
2-1 (a) The department, <through the housing finance division,>
2-2 shall use the housing trust fund to provide loans, grants, or other
2-3 comparable forms of assistance to local units of government, public
2-4 housing authorities, nonprofit organizations, and income-eligible
2-5 individuals, families, and households to finance, acquire,
2-6 rehabilitate, and develop decent, safe, and sanitary housing and
2-7 notwithstanding any other section of this Act to acquire property
2-8 to endow the fund.
2-9 (b) Use of the fund is limited to providing:
2-10 (1) assistance for individuals and families of low and
2-11 very low income in proportion to the source of funds; <and>
2-12 (2) payment of costs of issuance of general obligation
2-13 bonds issued under Section 2306.352; <and>
2-14 (3) security for repayment of revenue bonds or general
2-15 obligation bonds issued to provide financing for housing for
2-16 individuals or families of low and very low income;
2-17 (4) technical assistance and capacity building to
2-18 nonprofit organizations engaged in developing housing for
2-19 individuals and families of low and very low income; and
2-20 (5) assistance to the department or to the corporation
2-21 established under Subchapter Y to acquire suitable headquarters or
2-22 other real property for the benefit of the fund.
2-23 SECTION 3. Subchapter V, Chapter 2306, Section 2306.471,
2-24 Government Code, is amended to read as follows:
2-25 Sec. 2306.471. General Obligation Bonds
3-1 General obligation bonds issued under Section 2306.352 and
3-2 approved and registered under this chapter are general obligations
3-3 of the state and the net effective interest rate on such bonds
3-4 shall not exceed the rate allowed pursuant to Article 717k-2,
3-5 Revised Statutes.
3-6 SECTION 4. The importance of this legislation and the
3-7 crowded condition of the calendars in both houses create an
3-8 emergency and an imperative public necessity that the
3-9 constitutional rule requiring bills to be read on three several
3-10 days in each house be suspended, and this rule is hereby suspended,
3-11 and that this Act take effect and be in force from and after its
3-12 passage, and it is so enacted.