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A BILL TO BE ENTITLED
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AN ACT
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relating to certain low-interest home loan programs offered by the |
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state. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsections (a) and (b), Section 2306.553, |
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Government Code, 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 2. Subsections (a) and (b), Section 2306.562, |
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Government Code, are amended to read as follows: |
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(a) In this section: |
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(1) "Allied health program faculty member" means a |
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full-time member of the faculty of an undergraduate or graduate |
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allied health program of a public or private institution of higher |
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education in this state. |
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(1-a) "Graduate allied health program" means a |
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postbaccalaureate certificate or master's or doctoral degree |
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program in an allied health profession that is accredited by an |
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accrediting entity recognized by the United States Department of |
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Education. |
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(1-b) "Graduate professional nursing program" and |
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"undergraduate professional nursing program" have the meanings |
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assigned by Section 54.221, Education Code. |
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(2) "Home" means a dwelling in this state in which a |
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professional educator intends to reside as the professional |
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educator's principal residence. |
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(3) [(2)] "Mortgage lender" has the meaning assigned |
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by Section 2306.004. |
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(4) [(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 allied health or |
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professional nursing program faculty member. |
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(5) "Professional nursing program faculty member" |
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means a full-time member of the faculty of either an undergraduate |
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or graduate professional nursing program. |
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(6) [(4)] "Program" means the professional educators |
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home loan program. |
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(7) "Undergraduate allied health program" means an |
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undergraduate degree or certificate program that: |
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(A) prepares students for licensure, |
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certification, or registration in an allied health profession; and |
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(B) is accredited by an accrediting entity |
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recognized by the United States Department of Education. |
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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 the greater of: |
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(1) 115 percent of area median family income, adjusted |
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for family size; or |
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(2) the maximum amount permitted by Section 143(f), |
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Internal Revenue Code of 1986[, with low-interest home mortgage
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loans]. |
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SECTION 3. Sections 1372.0223 and 2306.5622, Government |
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Code, are repealed. |
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SECTION 4. The Texas State Affordable Housing Corporation |
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shall aggressively pursue funding for the professional educators |
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home loan program required by Section 2306.562, Government Code, as |
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amended by this Act. |
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SECTION 5. This Act takes effect September 1, 2007. |
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* * * * * |