By Carter H.B. No. 3260 77R3642 QS-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the preservation of affordable housing by the Texas 1-3 Department of Housing and Community Affairs. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter A, Chapter 2306, Government Code, is 1-6 amended by adding Section 2306.008 to read as follows: 1-7 Sec. 2306.008. PRESERVATION OF AFFORDABLE HOUSING. (a) The 1-8 department shall support in the manner described by Subsection (b) 1-9 the preservation of affordable housing for individuals with special 1-10 needs, as defined by Section 2306.511, and individuals and families 1-11 of low income at any location considered necessary by the 1-12 department. 1-13 (b) The department shall support the preservation of 1-14 affordable housing under this section by: 1-15 (1) making low interest financing available to private 1-16 for-profit and nonprofit buyers who seek to acquire, preserve, and 1-17 rehabilitate affordable housing; 1-18 (2) prioritizing available revenue for affordable 1-19 housing preservation activities; and 1-20 (3) purchasing as permitted by Section 2306.251 1-21 affordable housing proposed for conversion to market-rate housing 1-22 and reselling the housing into the private sector with permanent 1-23 rent restrictions that preserve the affordability of the housing. 1-24 SECTION 2. This Act takes effect September 1, 2001.