By Carona S.B. No. 1287
77R3320 KEL-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the financing of certain housing and nonhousing
1-3 facilities by a housing finance corporation.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 394.003(13), Local Government Code, is
1-6 amended to read as follows:
1-7 (13) "Residential development" means the acquisition,
1-8 construction, reconstruction, rehabilitation, repair, alteration,
1-9 improvement, or extension of any of the following items or any
1-10 combination of the following items for the purpose of providing
1-11 decent, safe, and sanitary housing and nonhousing facilities that
1-12 are an integral part of or are functionally related to any
1-13 affordable housing project, whether in one or multiple locations,
1-14 including any facilities used for the purpose of delivering tenant
1-15 services, as defined by Section 2306.254, Government Code:
1-16 (A) land, an interest in land, a building or
1-17 other structure, facility, system, fixture, improvement, addition,
1-18 appurtenance, or machinery or other equipment;
1-19 (B) real or personal property considered
1-20 necessary in connection with an item described by Paragraph (A); or
1-21 (C) real or personal property or improvements
1-22 functionally related and subordinate to an item described by
1-23 Paragraph (A).
1-24 SECTION 2. Section 394.037(a), Local Government Code, is
2-1 amended to read as follows:
2-2 (a) A housing finance corporation may issue bonds to defray,
2-3 in whole or in part:
2-4 (1) the development costs of a residential
2-5 development; [or]
2-6 (2) the costs of purchasing or funding the making of
2-7 home mortgages, either on a first-come, first-served basis or by
2-8 selling lender commitments, including the costs of studies and
2-9 surveys, insurance premiums, financial advisory services, mortgage
2-10 banking services, administrative services, underwriting fees, legal
2-11 services, accounting services, and marketing services incurred in
2-12 connection with the issuance and sale of the bonds, including bond
2-13 and interest reserve accounts, capitalized interest accounts, and
2-14 trustee, custodian, and rating agency fees; or
2-15 (3) any other costs associated with the provision of
2-16 decent, safe, and sanitary housing and nonhousing facilities that
2-17 are an integral part of or are functionally related to an
2-18 affordable housing project.
2-19 SECTION 3. This Act takes effect immediately if it receives
2-20 a vote of two-thirds of all the members elected to each house, as
2-21 provided by Section 39, Article III, Texas Constitution. If this
2-22 Act does not receive the vote necessary for immediate effect, this
2-23 Act takes effect September 1, 2001.