HBA-MPA H.B. 3058 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 3058 By: Hill Urban Affairs 3/21/1999 Introduced BACKGROUND AND PURPOSE The Texas State Affordable Housing Corporation (TSAHC) was established to be a mortgage banker but does not have access to credit in order to generate housing finance. H.B. 3058 provides that an application for a reservation under Section 2(b)(4), Article 5190.9a,V.T.C.S., must receive underwriting and feasibility approval from the Texas Department of Housing and Community Affairs in order to be eligible for such a reservation. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that rulemaking authority is expressly delegated to Texas Department of Housing and Community Affairs in SECTION 1 (Section 3, Article 5190.9a,V.T.C.S.) of this bill. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 3, Article 5190.9a, V.T.C.S. (Chapter 1092, Acts of the 70th Legislature, Regular Session, 1987), by adding Subsection (h), to provide that an application for a reservation under Section 2(b)(4) (Allocation and Reservation System), must receive underwriting and feasibility approval of the project to be financed by issue of the bonds from the Texas Department of Housing and Community Affairs (department) before the application is eligible for a reservation. Requires the department, by rule, to determine the date by which the application must be submitted to receive the underwriting and feasibility analysis. SECTION 2. Makes application of this Act prospective. SECTION 3.Emergency clause. Effective date: upon passage.