SRC-JJJ S.B. 1013 76(R)BILL ANALYSIS


Senate Research CenterS.B. 1013
By: Duncan
Intergovernmental Relations
6/23/1999
Enrolled


DIGEST 

Currently, Texas law allows housing finance corporations to issue only
Mortgage Revenue Bonds or bonds to finance "residential development."  The
Attorney General's office is trying to develop a policy as to the intended
meaning of residential development.  S.B. 1013 will establish increasing
the flexibility in the types of projects which housing finance corporations
may finance.   
PURPOSE

As enrolled, S.B. 1013 establishes increasing the flexibility in the types
of projects which housing finance corporations may finance. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 394.003(13), Local Government Code, to set forth
certain conditions, in the definition of "residential development," that
are an integral part of any affordable housing project, whether in one or
multiple locations.  Makes a conforming change. 

SECTION 2.  Effective date: September 1, 1999.

SECTION 3.  Emergency clause.