BILL ANALYSIS
By: Ritter
BACKGROUND AND PURPOSE
Created by H. B. 1247 during the 78th Session, the Fire Fighter Police Officer Home Loan Program is administered by The Texas State Affordable Housing Corporation (TSAHC). Nicknamed the "Homes For Heroes" program, TSAHC provides low rate 30-year fixed rate mortgage loans and 5% down payment assistance for first time homebuyers who are employed as police officers or firefighters in this state.
Upon passage, H. B. 1247 narrowly extended "Homes for Heroes" to police officers as defined by 143.003(5) of the Local Government code and therefore excluding many peace officers such as sheriffs, constables, as well as corrections officers, county jailers, and public security officers. H. B. 1247 also narrowly extended the program to only those fire fighters who perform their duties under a civil service statute. H. B. 1007 will authorize TSAHC to administer the program to a broad range of peace officers and fire fighters as well as corrections officers, county jailers, and public security officers.
RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS
Renumbers Section 2306.563, Government Code, as Section 2306.5621, Government Code, renames the Program the Fire Fighter and Law Enforcement or Security Officer Home Loan Program and amends the section to make corrections officers, county jailers, and public security officers eligible for the program and modifies other definitions so that the program applies to a wider range of existing peace officers and fire fighters.
H. B. 1007 makes available loans for eligible persons who have an income of the maximum amount permitted by Section 143(f) of the Internal Revenue Code of 1986.
The bill specifically states that TSAHC may fund home mortgage loans authorized in Section 2306.5621, Government Code, through the sale of bonds, notes, or other obligations to the those persons who were not previously eligible for home loans under this program.
Finally, the bill makes conforming changes to the program as it is mentioned in the Government Code.
EFFECTIVE DATE
This Act takes effect September 1, 2005 or immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.