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.