1-1 By: Carona S.B. No. 1287
1-2 (In the Senate - Filed March 8, 2001; March 12, 2001, read
1-3 first time and referred to Committee on Intergovernmental
1-4 Relations; March 28, 2001, reported favorably by the following
1-5 vote: Yeas 7, Nays 0; March 28, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the financing of certain housing and nonhousing
1-9 facilities by a housing finance corporation.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Subdivision (13), Section 394.003, Local
1-12 Government Code, is amended to read as follows:
1-13 (13) "Residential development" means the acquisition,
1-14 construction, reconstruction, rehabilitation, repair, alteration,
1-15 improvement, or extension of any of the following items or any
1-16 combination of the following items for the purpose of providing
1-17 decent, safe, and sanitary housing and nonhousing facilities that
1-18 are an integral part of or are functionally related to any
1-19 affordable housing project, whether in one or multiple locations,
1-20 including any facilities used for the purpose of delivering tenant
1-21 services, as defined by Section 2306.254, Government Code:
1-22 (A) land, an interest in land, a building or
1-23 other structure, facility, system, fixture, improvement, addition,
1-24 appurtenance, or machinery or other equipment;
1-25 (B) real or personal property considered
1-26 necessary in connection with an item described by Paragraph (A); or
1-27 (C) real or personal property or improvements
1-28 functionally related and subordinate to an item described by
1-29 Paragraph (A).
1-30 SECTION 2. Subsection (a), Section 394.037, Local Government
1-31 Code, is amended to read as follows:
1-32 (a) A housing finance corporation may issue bonds to defray,
1-33 in whole or in part:
1-34 (1) the development costs of a residential
1-35 development; [or]
1-36 (2) the costs of purchasing or funding the making of
1-37 home mortgages, either on a first-come, first-served basis or by
1-38 selling lender commitments, including the costs of studies and
1-39 surveys, insurance premiums, financial advisory services, mortgage
1-40 banking services, administrative services, underwriting fees, legal
1-41 services, accounting services, and marketing services incurred in
1-42 connection with the issuance and sale of the bonds, including bond
1-43 and interest reserve accounts, capitalized interest accounts, and
1-44 trustee, custodian, and rating agency fees; or
1-45 (3) any other costs associated with the provision of
1-46 decent, safe, and sanitary housing and nonhousing facilities that
1-47 are an integral part of or are functionally related to an
1-48 affordable housing project.
1-49 SECTION 3. This Act takes effect immediately if it receives
1-50 a vote of two-thirds of all the members elected to each house, as
1-51 provided by Section 39, Article III, Texas Constitution. If this
1-52 Act does not receive the vote necessary for immediate effect, this
1-53 Act takes effect September 1, 2001.
1-54 * * * * *