Amend HB 3451 (Senate Committee Printing) by adding the
following appropriately numbered SECTIONS and renumbering
subsequent SECTIONS accordingly:
SECTION ___. Subchapter B, Chapter 1372, Government Code, is
amended by adding Section 1372.0221 to read as follows:
Sec. 1372.0221. DEDICATION OF PORTION OF STATE CEILING FOR
TEACHERS HOME LOAN PROGRAM. Out of that portion of the state
ceiling that is available exclusively for reservations by issuers
of qualified mortgage bonds under Section 1372.022, $25 million
shall be allotted each year and made available exclusively to the
Texas State Affordable Housing Corporation for the purpose of
issuing qualified mortgage bonds in connection with the teachers
home loan program established under Section 2306.562.
SECTION ___. Sections 2306.553(a) and (b), Government Code,
are amended to read as follows:
(a) The public purpose of the corporation is to perform
activities and services that the corporation's board of directors
determines will promote the public health, safety, and welfare
through the provision of adequate, safe, and sanitary housing
primarily for individuals and families of low, very low, and
extremely low income, and for teachers under the teachers home loan
program as provided by Section 2306.562. The activities and
services shall include engaging in mortgage banking activities and
lending transactions and acquiring, holding, selling, or leasing
real or personal property.
(b) The corporation's primary public purpose is to
facilitate the provision of housing and the making of affordable
loans to individuals and families of low, very low, and extremely
low income, and to teachers under the teachers home loan program.
The corporation may make first lien, single family purchase money
mortgage loans for single family homes only to individuals and
families of low, very low, and extremely low income if the
individual's or family's household income is not more than the
greater of 60 percent of the median income for the state, as
defined by the United States Department of Housing and Urban
Development, or 60 percent of the area median family income,
adjusted for family size, as defined by that department. The
corporation may make loans for multifamily developments if:
(1) at least 40 percent of the units in a multifamily
development are affordable to individuals and families with incomes
at or below 60 percent of the median family income, adjusted for
family size; or
(2) at least 20 percent of the units in a multifamily
development are affordable to individuals and families with incomes
at or below 50 percent of the median family income, adjusted for
family size.
SECTION ___. Subchapter Y, Chapter 2306, Government Code, is
amended by adding Section 2306.562 to read as follows:
Sec. 2306.562. TEACHERS HOME LOAN PROGRAM. (a) In this
section:
(1) "Home" means a dwelling in this state in which a
teacher intends to reside as the teacher's principal residence.
(2) "Mortgage lender" has the meaning assigned by
Section 2306.004.
(3) "Program" means the teachers home loan program.
(4) "Teacher" means a person who is a classroom
teacher as defined by Section 5.001, Education Code.
(b) The corporation shall establish a program to provide
eligible teachers whose income does not exceed 115% of area median
family income, adjusted for family size, with low-interest home
mortgage loans.
(c) To be eligible for a loan under this section, a teacher
must:
(1) have been residing in this state for the five-year
period preceding the date the teacher files an application for a
loan under this section;
(2) have been working as a teacher for the three-year
period preceding the application date; and
(3) reside in this state on the application date.
(d) The corporation may contract with other agencies of the
state or with private entities to determine whether applicants
qualify as teachers under this section or otherwise to administer
all or part of this section.
(e) The board of directors of the corporation may set and
collect from each applicant any fees the board considers reasonable
and necessary to cover the expenses of administering the program.
(f) The board of directors of the corporation shall adopt
rules governing:
(1) the administration of the program;
(2) the making of loans under the program;
(3) the criteria for approving mortgage lenders;
(4) the use of insurance on the loans and the homes
financed under the program, as considered appropriate by the board
to provide additional security for the loans;
(5) the verification of occupancy of the home by the
teacher as the teacher's principal residence; and
(6) the terms of any contract made with any mortgage
lender for processing, originating, servicing, or administering the
loans.
(g) The corporation shall ensure that a loan under this
section is structured in a way that complies with any requirements
associated with the source of the funds used for the loan.
(h) In addition to funds set aside for the program under
Section 1372.0221, the corporation may solicit and accept funding
for the program from the following sources:
(1) gifts and grants for the purposes of this section;
(2) available money in the housing trust fund
established under Section 2306.201, to the extent available to the
corporation;
(3) federal block grants that may be used for the
purposes of this section, to the extent available to the
corporation;
(4) other state or federal programs that provide money
that may be used for the purposes of this section; and
(5) amounts received by the corporation in repayment
of loans made under this section.
(i) This section expires September 1, 2012.
SECTION ___. The Texas State Affordable Housing Corporation
shall:
(1) give priority to a teacher who resides or teaches
in an area of the state with a teacher shortage, as determined by
the commissioner of education;
(2) aggressively pursue funding for the teachers home
loan program required by Section 2306.562, Government Code, as
added by this Act; and
(3) implement the teachers home loan program required
by that section not later than September 1, 2002.
SECTION ___. (a) If the legislature finds in a scheduled
review of the Texas State Affordable Housing Corporation by the
Sunset Advisory Commission under Section 2306.5521, Government
Code, that the teachers home loan program under Section 2306.562,
Government Code, as added by this Act, is not being managed to
accomplish the goal of providing low-interest home mortgage loans
to teachers, the legislature shall make specific recommendations to
remedy any problems.
(b) If the legislature finds in a scheduled review of the
Texas State Affordable Housing Corporation by the Sunset Advisory
Commission under Section 2306.5521, Government Code, that the
corporation should be abolished, the teachers home loan program
under Section 2306.562, Government Code, as added by this Act,
shall be transferred to another appropriate state agency.