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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance and use of private activity bonds by the |
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Texas State Affordable Housing Corporation and housing finance |
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corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1372.0221, Government Code, is amended |
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to read as follows: |
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Sec. 1372.0221. DEDICATION OF PORTION OF STATE CEILING FOR |
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PROFESSIONAL EDUCATORS HOME LOAN PROGRAM. Until August 1, out of |
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that portion of the state ceiling that is available exclusively for |
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reservations by the Texas State Affordable Housing Corporation |
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[issuers of qualified mortgage bonds] under Section 1372.0223, 54.5 |
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percent [1372.022, $25 million] shall be allotted each year and |
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made available [exclusively] to the corporation [Texas State
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Affordable Housing Corporation] for the purpose of issuing |
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qualified mortgage bonds in connection with the professional |
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educators home loan program established under Section 2306.562. |
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SECTION 2. Section 1372.0222, Government Code, is amended |
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to read as follows: |
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Sec. 1372.0222. DEDICATION OF PORTION OF STATE CEILING FOR |
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FIRE FIGHTER AND LAW ENFORCEMENT OR SECURITY OFFICER HOME LOAN |
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PROGRAM. Until August 1, out of that portion of the state ceiling |
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that is available exclusively for reservations by the Texas State |
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Affordable Housing Corporation [issuers of qualified mortgage
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bonds] under Section 1372.0223, 45.5 percent [1372.022, $25
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million] shall be allotted each year and made available |
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[exclusively] to the corporation [Texas State Affordable Housing
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Corporation] for the purpose of issuing qualified mortgage bonds in |
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connection with the fire fighter, law enforcement officer, and |
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security officer home loan program established under Section |
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2306.5621. |
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SECTION 3. Section 1372.037(a), Government Code, is amended |
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to read as follows: |
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(a) Except as provided by Subsection (b), before September 1 |
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the board may not grant for any single project a reservation for |
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that year that is greater than: |
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(1) [$25 million, if the issuer is an issuer of
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qualified mortgage bonds, other than the Texas Department of
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Housing and Community Affairs;
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[(2)] $50 million, if the issuer is an issuer of a |
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state-voted issue, other than the Texas Higher Education |
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Coordinating Board, or $75 million, if the issuer is the Texas |
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Higher Education Coordinating Board; |
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(2) [(3)] the amount to which the Internal Revenue |
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Code limits issuers of qualified small issue bonds and enterprise |
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zone facility bonds, if the issuer is an issuer of those bonds; |
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(3) [(4)] the lesser of $15 million or 15 percent of |
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the amount set aside for reservation by issuers of qualified |
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residential rental project bonds, if the issuer is an issuer of |
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those bonds; |
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(4) [(5)] the amount as prescribed in Sections |
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1372.033(d), (e), and (f), if the issuer is an issuer authorized by |
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Section 53.47, Education Code, to issue qualified student loan |
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bonds; or |
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(5) [(6)] $50 million, if the issuer is any other |
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issuer of bonds that require an allocation. |
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SECTION 4. Section 1372.0223, Government Code, is amended |
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to read as follows: |
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Sec. 1372.0223. DEDICATION OF PORTION OF STATE CEILING TO |
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CERTAIN ISSUERS OF QUALIFIED MORTGAGE BONDS [FOR PROFESSIONAL
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NURSING PROGRAM FACULTY MEMBER HOME LOAN PROGRAM]. Until August 15 |
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[1], out of that portion of the state ceiling that is available |
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exclusively for reservations by issuers of qualified mortgage bonds |
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under Section 1372.022: |
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(1) 10 percent is[, $5 million shall be allotted each
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year and made] available exclusively to the Texas State Affordable |
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Housing Corporation for the purpose of issuing qualified mortgage |
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bonds; and |
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(2) 56.66 percent is available exclusively to housing |
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finance corporations for the purpose of issuing qualified mortgage |
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bonds [in connection with the professional nursing program faculty
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member home loan program established under Section 2306.5622]. |
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SECTION 5. Sections 2306.553(a) and (b), Government Code, |
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are amended to read as follows: |
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(a) The public purpose of the corporation is to perform |
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activities and services that the corporation's board of directors |
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determines will promote the public health, safety, and welfare |
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through the provision of adequate, safe, and sanitary housing |
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primarily for individuals and families of low, very low, and |
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extremely low income and[,] for persons who are eligible for loans |
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[professional educators] under the [professional educators] home |
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loan programs [program as] provided by Sections [Section] 2306.562 |
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and[, for fire fighters, corrections officers, county jailers,
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public security officers, and peace officers under the fire
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fighter, law enforcement officer, and security officer home loan
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program as provided by Section] 2306.5621[, and for professional
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nursing program faculty members under the professional nursing
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program faculty member home loan program as provided by Section
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2306.5622]. The activities and services shall include engaging in |
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mortgage banking activities and lending transactions and |
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acquiring, holding, selling, or leasing real or personal property. |
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(b) The corporation's primary public purpose is to |
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facilitate the provision of housing by issuing qualified 501(c)(3) |
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bonds and qualified residential rental project bonds and by making |
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affordable loans to individuals and families of low, very low, and |
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extremely low income and[,] to persons who are eligible for loans |
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under the home loan programs provided by Sections 2306.562 and |
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2306.5621 [professional educators under the professional educators
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home loan program, to fire fighters, corrections officers, county
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jailers, public security officers, and peace officers under the
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fire fighter, law enforcement officer, and security officer home
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loan program, and to professional nursing program faculty members
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under the professional nursing program faculty member home loan
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program]. The corporation may make first lien, single family |
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purchase money mortgage loans for single family homes only to |
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individuals and families of low, very low, and extremely low income |
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if the individual's or family's household income is not more than |
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the greater of 60 percent of the median income for the state, as |
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defined by the United States Department of Housing and Urban |
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Development, or 60 percent of the area median family income, |
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adjusted for family size, as defined by that department. The |
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corporation may make loans for multifamily developments if: |
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(1) at least 40 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 60 percent of the median family income, adjusted for |
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family size; or |
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(2) at least 20 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 50 percent of the median family income, adjusted for |
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family size. |
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SECTION 6. Section 2306.562(a), Government Code, is amended |
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by amending Subdivision (3) and adding Subdivision (5) to read as |
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follows: |
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(3) "Professional educator" means a classroom |
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teacher, full-time paid teacher's aide, full-time librarian, |
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full-time counselor certified under Subchapter B, Chapter 21, |
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Education Code, or full-time school nurse, or a full-time faculty |
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member of an undergraduate professional nursing program or graduate |
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professional nursing program. |
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(5) "Undergraduate professional nursing program" and |
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"graduate professional nursing program" have the meanings assigned |
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by Section 54.221, Education Code. |
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SECTION 7. Sections 2306.562(b) and (c), Government Code, |
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are amended to read as follows: |
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(b) The corporation shall establish a program to provide |
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low-interest home mortgage loans to eligible professional |
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educators whose income does not exceed 115 percent of area median |
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family income, adjusted for family size[, with low-interest home
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mortgage loans]. |
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(c) To be eligible for a loan under this section, a |
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professional educator must: |
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(1) reside in this state on the application date; and |
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(2) be employed by a school district or be a full-time |
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faculty member of an undergraduate professional nursing program or |
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graduate professional nursing program in this state on the |
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application date. |
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SECTION 8. Sections 1372.026(b) and 2306.5622, Government |
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Code, are repealed. |
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SECTION 9. This Act takes effect September 1, 2007. |