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A BILL TO BE ENTITLED
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AN ACT
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relating to an increase in the total loan amount available under the |
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owner-builder loan program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.754(b), Government Code, is amended |
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to read as follows: |
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(b) If it is not possible for an owner-builder to purchase |
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necessary real property and build adequate housing for $30,000, the |
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owner-builder must obtain the amount necessary that exceeds $30,000 |
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from one or more local governmental entities, nonprofit |
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organizations, or private lenders. The total amount of loans made |
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by the department and other entities to an owner-builder under this |
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subchapter may not exceed $90,000 [$60,000]. |
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SECTION 2. The changes in law made by this Act apply to a |
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loan that is initially awarded to an owner-builder under Subchapter |
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FF, Chapter 2306, Government Code, on or after the effective date of |
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this Act. |
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SECTION 3. This Act takes effect September 1, 2007. |