BILL ANALYSIS
Senate Research Center S.B. 488
79R4370 MFC-D By: Lucio et al.
AUTHOR'S/SPONSOR'S STATEMENT OF INTENT
Currently, the Fire Fighter and Police Officer Home Loan Program enacted by H.B. 1247 during the 78th Legislature, Regular Session, 2003, does not provide loans to certain police officers and firefighters.
As proposed, S.B. 488 amends and expands eligibility requirements of the Fire Fighter and Police Officer Home Loan Program. It also changes the name of the program to the Fire Fighter and Law Enforcement or Security Officer Home Loan Program and clarifies language from the enabling legislation.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Renumbers Section 2306.563, Government Code, as added by Chapter 1050, Acts of the 78th Legislature, Regular Session, 2003, as Section 2306.5621, Government Code, and amends it, as follows:
Sec. 2306.5621. New heading: FIRE FIGHTER AND LAW ENFORCEMENT OR SECURITY OFFICER HOME LOAN PROGRAM. (a) Redefines "fire fighter," "home," and "program." Defines "peace officer," "corrections officer," "county jailer," and "public security officer." Deletes existing definition of "police officer."
(b) Requires the State Affordable Housing Corporation (corporation) to establish a program to provide low-interest home mortgage loans to eligible fire fighters, corrections officers, county jailers, public security officers, and peace officer, rather than to eligible fire fighters and police officers.
(c) Requires a person, to be eligible for a loan, to meet at the time a person files an application for the loan, certain requirements that include having an income of not more than 115 percent of area median family income, adjusted for family size, or the maximum amount permitted by Section 143(f), Internal Revenue Code of 1986, whichever is greater. Makes conforming changes.
(d) Makes conforming changes.
(f) Makes conforming changes.
(g) and (h) No changes made to these subsections.
(h-1) Authorizes the corporation, in order to fund home mortgage loans for certain public officers, to use proceeds received from the sale of bonds, notes, or other obligations issued under the fire fighter and police officer home loan program as that program existed immediately before amendment of this section by the 79th Legislature, Regular Session, 2005, regardless of the eligibility standards for loans made under the fire fighter and police officer home loan programs and regardless of when the corporation received the proceeds from those bonds, notes or other obligations issued under that program.
(i) No changes made to this subsection.
SECTION 2. Amends Section 1372.0222, Government Code, to read as follows:
Sec. 1372.0222. New heading: DEDICATION OF PORTION OF STATE CEILING FOR FIRE FIGHTER AND LAW ENFORCEMENT OR SECURITY OFFICER HOME LOAN PROGRAM. Makes conforming changes.
SECTION 3. Amends Section 1372.025(b), Government Code, to provide that Subsection (a) does not apply to qualified mortgage bonds or qualified residential rental project bonds made available exclusively to the Texas Department of Housing Community Affairs under Section 137.023 (Dedication of Portions of State Ceiling to Texas Department of Housing and Community Affairs) or the Texas State Affordable Housing Corporation under Sections 1372.0221 (Dedication of Portions of State Ceiling for Professional Educators Home Loan Program) and 1372.022 (Dedication of Portions of State Ceiling for Fire Fighter and Police Officer Home Loan Program).
SECTION 4. Amends Section 1372.028(d), Government Code, to make conforming changes.
SECTION 5. Amends Sections 2306.553(a) and (b), Government Code, to make conforming changes.
SECTION 6. Effective date: upon passage or September 1, 2005.