By Lucio S.B. No. 1305
74R8072 DRH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the reservation of a portion of the state's tax-exempt
1-3 private activity bonds for single-family housing for low-income
1-4 families in certain counties.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 2, Chapter 1092, Acts of the 70th
1-7 Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
1-8 Civil Statutes), is amended by adding Subsections (g) and (h) to
1-9 read as follows:
1-10 (g) In addition to the amount provided in Subsection (c) of
1-11 this section, $20,000,000 in reservations for each year for the
1-12 years 1996 and 1997 is available to the Texas Department of Housing
1-13 and Community Affairs from that portion of the state ceiling that
1-14 is available exclusively for reservations by issuers of qualified
1-15 mortgage bonds for the purpose of issuing qualified bonds until
1-16 August 25.
1-17 (h) A bond issued for the reservation made by Subsection (g)
1-18 of this section must:
1-19 (1) be used to refinance single-family home mortgage
1-20 construction or reconstruction or to refinance contracts for deed
1-21 for single-family housing; and
1-22 (2) target families that earn 60 percent or less of
1-23 the median family income in a county that borders the Rio Grande.
1-24 SECTION 2. 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,
2-5 and that this Act take effect and be in force from and after its
2-6 passage, and it is so enacted.