Amend HB 3552 (Senate committee printing) by adding the
following SECTIONS and renumbering subsequent SECTIONS
accordingly:
SECTION ___. Section 1372.0221, Government Code, is amended
to read as follows:
Sec. 1372.0221. DEDICATION OF PORTION OF STATE CEILING FOR
PROFESSIONAL EDUCATORS HOME LOAN PROGRAM. Until August 7 [1], out
of that portion of the state ceiling that is available exclusively
for reservations by the Texas State Affordable Housing Corporation
[issuers of qualified mortgage bonds] under Section 1372.0223, 54.5
percent [1372.022, $25 million] shall be allotted each year and
made available [exclusively] to the corporation [Texas State
Affordable Housing Corporation] for the purpose of issuing
qualified mortgage bonds in connection with the professional
educators home loan program established under Section 2306.562.
SECTION ____. Section 1372.0222, Government Code, is
amended to read as follows:
Sec. 1372.0222. DEDICATION OF PORTION OF STATE CEILING FOR
FIRE FIGHTER AND LAW ENFORCEMENT OR SECURITY OFFICER HOME LOAN
PROGRAM. Until August 7 [1], out of that portion of the state
ceiling that is available exclusively for reservations by the Texas
State Affordable Housing Corporation [issuers of qualified
mortgage bonds] under Section 1372.0223, 45.5 percent [1372.022,
$25 million] shall be allotted each year and made available
[exclusively] to the corporation [Texas State Affordable Housing
Corporation] for the purpose of issuing qualified mortgage bonds in
connection with the fire fighter, law enforcement officer, and
security officer home loan program established under Section
2306.5621.
SECTION ____. Section 1372.0223, Government Code, is
amended to read as follows:
Sec. 1372.0223. DEDICATION OF PORTION OF STATE CEILING TO
CERTAIN ISSUERS OF QUALIFIED MORTGAGE BONDS [FOR PROFESSIONAL
NURSING PROGRAM FACULTY MEMBER HOME LOAN PROGRAM]. Until August 7
[1], out of that portion of the state ceiling that is available
exclusively for reservations by issuers of qualified mortgage bonds
under Section 1372.022:
(1) 10 percent is[, $5 million shall be allotted each
year and made] available exclusively to the Texas State Affordable
Housing Corporation for the purpose of issuing qualified mortgage
bonds; and
(2) 56.66 percent is available exclusively to housing
finance corporations for the purpose of issuing qualified mortgage
bonds [in connection with the professional nursing program faculty
member home loan program established under Section 2306.5622].
SECTION ____. Section 1372.023(a), Government Code, is
amended to read as follows:
(a) Until August 7 [15], of that portion of the state
ceiling that is available exclusively for reservations by issuers
of qualified mortgage bonds, 33.34 percent [one-third] is available
exclusively to the Texas Department of Housing and Community
Affairs for the purpose of issuing qualified mortgage bonds.
SECTION ____. Section 1372.037(a), Government Code, is
amended to read as follows:
(a) Except as provided by Subsection (b), before August 15
[September 1] the board may not grant for any single project a
reservation for that year that is greater than:
(1) $25 million, if the issuer is an issuer of
qualified mortgage bonds, other than the Texas Department of
Housing and Community Affairs or the Texas State Affordable Housing
Corporation;
(2) $50 million, if the issuer is an issuer of a
state-voted issue, other than the Texas Higher Education
Coordinating Board, or $75 million, if the issuer is the Texas
Higher Education Coordinating Board;
(3) the amount to which the Internal Revenue Code
limits issuers of qualified small issue bonds and enterprise zone
facility bonds, if the issuer is an issuer of those bonds;
(4) the lesser of $15 million or 15 percent of the
amount set aside for reservation by issuers of qualified
residential rental project bonds, if the issuer is an issuer of
those bonds;
(5) the amount as prescribed in Sections 1372.033(d),
(e), and (f), if the issuer is an issuer authorized by Section
53.47, Education Code, to issue qualified student loan bonds; or
(6) $50 million, if the issuer is any other issuer of
bonds that require an allocation.
SECTION ____. Sections 2306.553(a) and (b), Government
Code, are amended to read as follows:
(a) The public purpose of the corporation is to perform
activities and services that the corporation's board of directors
determines will promote the public health, safety, and welfare
through the provision of adequate, safe, and sanitary housing
primarily for individuals and families of low, very low, and
extremely low income and[,] for persons who are eligible for loans
[professional educators] under the [professional educators] home
loan programs [program as] provided by Sections [Section] 2306.562
and[, for fire fighters, corrections officers, county jailers,
public security officers, and peace officers under the fire
fighter, law enforcement officer, and security officer home loan
program as provided by Section] 2306.5621[, and for professional
nursing program faculty members under the professional nursing
program faculty member home loan program as provided by Section
2306.5622]. The activities and services shall include engaging in
mortgage banking activities and lending transactions and
acquiring, holding, selling, or leasing real or personal property.
(b) The corporation's primary public purpose is to
facilitate the provision of housing by issuing qualified 501(c)(3)
bonds and qualified residential rental project bonds and by making
affordable loans to individuals and families of low, very low, and
extremely low income and[,] to persons who are eligible for loans
under the home loan programs provided by Sections 2306.562 and
2306.5621 [professional educators under the professional educators
home loan program, to fire fighters, corrections officers, county
jailers, public security officers, and peace officers under the
fire fighter, law enforcement officer, and security officer home
loan program, and to professional nursing program faculty members
under the professional nursing program faculty member home loan
program]. The corporation may make first lien, single family
purchase money mortgage loans for single family homes only to
individuals and families of low, very low, and extremely low income
if the individual's or family's household income is not more than
the greater of 60 percent of the median income for the state, as
defined by the United States Department of Housing and Urban
Development, or 60 percent of the area median family income,
adjusted for family size, as defined by that department. The
corporation may make loans for multifamily developments if:
(1) at least 40 percent of the units in a multifamily
development are affordable to individuals and families with incomes
at or below 60 percent of the median family income, adjusted for
family size; or
(2) at least 20 percent of the units in a multifamily
development are affordable to individuals and families with incomes
at or below 50 percent of the median family income, adjusted for
family size.
SECTION ____. Sections 2306.562(a), (b), and (c),
Government Code, are amended to read as follows:
(a) In this section:
(1) "Allied health program faculty member" means a
full-time member of the faculty of an undergraduate or graduate
allied health program of a public or private institution of higher
education in this state.
(1-a) "Graduate allied health program" means a
postbaccalaureate certificate or master's or doctoral degree
program in an allied health profession that is accredited by an
accrediting entity recognized by the United States Department of
Education.
(1-b) "Graduate professional nursing program" and
"undergraduate professional nursing program" have the meanings
assigned by Section 54.221, Education Code.
(2) "Home" means a dwelling in this state in which a
professional educator intends to reside as the professional
educator's principal residence.
(3) [(2)] "Mortgage lender" has the meaning assigned
by Section 2306.004.
(4) [(3)] "Professional educator" means a classroom
teacher, full-time paid teacher's aide, full-time librarian,
full-time counselor certified under Subchapter B, Chapter 21,
Education Code, [or] full-time school nurse, or allied health or
professional nursing program faculty member.
(5) "Professional nursing program faculty member"
means a full-time member of the faculty of either an undergraduate
or graduate professional nursing program.
(6) [(4)] "Program" means the professional educators
home loan program.
(7) "Undergraduate allied health program" means an
undergraduate degree or certificate program that:
(A) prepares students for licensure,
certification, or registration in an allied health profession; and
(B) is accredited by an accrediting entity
recognized by the United States Department of Education.
(b) The corporation shall establish a program to provide
low-interest home mortgage loans to eligible professional
educators whose income does not exceed the greater of:
(1) 115 percent of area median family income, adjusted
for family size; or
(2) the maximum amount permitted by Section 143(f),
Internal Revenue Code of 1986[, with low-interest home mortgage
loans].
(c) To be eligible for a loan under this section, a
professional educator must:
(1) reside in this state on the application date; and
(2) be employed by a school district or be an allied
health or professional nursing program faculty member in this state
on the application date.
SECTION ____. Section 2306.5622, Government Code, is
repealed.