HBA-JEK H.B. 3451 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 3451 By: Gallego Urban Affairs 3/26/2001 Introduced BACKGROUND AND PURPOSE The Texas State Affordable Housing Corporation (TSAHC) is a nonprofit corporation that was created by the legislature in 1995 to help meet the housing needs of low income residents in Texas. TSAHC operates to provide single and multifamily loans to low-income individuals without using state appropriated general revenue. TSAHC generates income primarily through bond proceeds, grants, fees, and investment revenue. In February 2000, TSAHC redirected its efforts away from acting as a mortgage bank and grant administrator to issuing taxable single and multifamily tax exempt mortgage revenue bonds for the purpose of directing the proceeds of the bonds to low-income households. TSAHC is subject to the Sunset Act and will be abolished September 1, 2001 unless continued by the legislature. House Bill 3451 continues TSAHC for two years as recommended by the Sunset Commission. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 3451 amends the Government Code to continue the Texas State Affordable Housing Corporation until September 1, 2003. EFFECTIVE DATE September 1, 2001.