Amend CSSB 507 in SECTION 1 of the bill, in added Chapter
209, Property Code (House Committee Printing, page 17, between
lines 9 and 10) by adding a new Section 209.013 to read as follows:
      Sec. 209.013.  COMMUNITY ASSESSMENT FUND. (a)  A property
owners' association shall assess a fee in an amount not greater
than $5 for each residential lot in the residential subdivision to
establish a fund for the purpose of assisting property owners who
are financially unable to make timely payment of the property
owners' association's assessments.
      (b)  Unless otherwise provided by a written agreement with
the governing board of the property owners' association, a
disbursement from the fund to a property owner is considered a
loan.
      (c)  The property owners' association shall send written
notice to each property owner in the residential subdivision:
            (1)  informing the property owner that the fund has
been established; and
            (2)  explaining the procedures for accessing the fund.
      (d)  The property owners' association shall make a report
regarding the status of the fund at each regular meeting of the
association.  The association is not required to report the name of
individuals accessing the fund, but must report the number of
properties that have accessed the fund for payment of assessments.
      (e)  The property owners' association shall assess the fee
prescribed by Subsection (a) until the balance of the fund is equal
to 10 percent of the total amount of the annual assessments for the
residential subdivision.  If the balance of the fund falls below
seven percent of the total amount of the annual assessments, the
association shall continue to assess the $5 fee until the balance
of the fund is equal to 10 percent of the total amount of the
annual assessments for the residential subdivision.