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A BILL TO BE ENTITLED
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AN ACT
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relating to transferring certain functions of the Texas Department |
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of Housing and Community Affairs to the Texas State Affordable |
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Housing Corporation. |
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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 7, 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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under Section 1372.0223, 20 [54.5] percent shall be allotted each |
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year and made available to the corporation for the purpose of |
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issuing qualified mortgage bonds in connection with the |
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professional educators home loan program established under Section |
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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, LAW ENFORCEMENT OR SECURITY OFFICER, AND EMERGENCY |
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MEDICAL SERVICES PERSONNEL HOME LOAN PROGRAM. Until August 7, out |
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of that portion of the state ceiling that is available exclusively |
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for reservations by the Texas State Affordable Housing Corporation |
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under Section 1372.0223, 10 [45.5] percent shall be allotted each |
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year and made available to the corporation for the purpose of |
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issuing qualified mortgage bonds in connection with the fire |
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fighter, law enforcement or security officer, and emergency medical |
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services personnel home loan program established under Section |
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2306.5621. |
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SECTION 3. Subchapter B, Chapter 1372, Government Code, is |
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amended by adding Section 1372.02221 to read as follows: |
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Sec. 1372.02221. DEDICATION OF PORTION OF STATE CEILING FOR |
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PROGRAMS ADMINISTERED BY TEXAS STATE AFFORDABLE HOUSING |
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CORPORATION. Until August 7, out of that portion of the state |
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ceiling that is available exclusively for reservations by the Texas |
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State Affordable Housing Corporation under Section 1372.0223, 70 |
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percent shall be allotted each year and made available to the |
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corporation for the purpose of issuing qualified mortgage bonds in |
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connection with the programs established under Sections 2306.562 |
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and 2306.5621 or any other home loan program administered by the |
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corporation. |
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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. Until August 7, out |
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of that portion of the state ceiling that is available exclusively |
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for reservations by issuers of qualified mortgage bonds under |
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Section 1372.022: |
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(1) 40 [10] percent is available exclusively to the |
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Texas State Affordable Housing Corporation for the purpose of |
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issuing qualified mortgage bonds; and |
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(2) 60 [56.66] percent is available exclusively to |
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housing finance corporations for the purpose of issuing qualified |
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mortgage bonds. |
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SECTION 5. Sections 1372.0231(a), (b-1), (c), (d), (g), and |
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(i), Government Code, are amended to read as follows: |
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(a) Until August 15, of that portion of the state ceiling |
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that is available exclusively for reservations by issuers of |
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qualified residential rental project bonds: |
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(1) 80 [20 percent is available exclusively to the
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Texas Department of Housing and Community Affairs in the manner
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described by Subsection (b);
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[(2) 70] percent is available exclusively to housing |
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finance corporations in the manner described by Subsections |
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(c)-(f); and |
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(2) 20 [(3) 10] percent is available exclusively to |
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the Texas State Affordable Housing Corporation in the manner |
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described by Subsection (b-1). |
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(b-1) With respect to the amount of the state ceiling set |
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aside under Subsection (a)(2) [(a)(3)], the board shall issue |
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qualified residential rental project bonds and allocate bond funds |
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at the direction of the Texas State Affordable Housing Corporation |
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as provided by Section 2306.565. Issuances made by the board under |
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this subsection are subject to review and approval by the board |
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under Section 1231.041. |
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(c) With respect to the amount of the state ceiling set |
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aside under Subsection (a)(1) [(a)(2)], the board shall grant |
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reservations in a manner that ensures that not more than 50 percent |
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of the set-aside amount is used for proposed projects that are |
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located in qualified census tracts as defined by the most recent |
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publication by the United States Department of Housing and Urban |
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Development. |
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(d) Except as provided by Subsection (i), before May 1, the |
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board shall apportion the amount of the state ceiling set aside |
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under Subsection (a)(1) [(a)(2)] among the uniform state service |
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regions according to the percentage of the state's population that |
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resides in each of those regions. |
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(g) On or after May 1, the board may not grant available |
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reservations to housing finance corporations described by |
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Subsection (a)(1) [(a)] based on uniform state service regions or |
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any segments of those regions. |
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(i) Before May 1, the board shall apportion the amount of |
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the state ceiling set aside under Subsection (a)(1) [(a)(2)] only |
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among uniform state service regions with respect to which an issuer |
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has submitted an application for a reservation of the state ceiling |
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on or before March 1. |
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SECTION 6. Section 1372.025(b), Government Code, is amended |
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to read as follows: |
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(b) Subsection (a) does not apply to qualified mortgage |
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bonds or qualified residential rental project bonds made available |
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exclusively to [the Texas Department of Housing and Community
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Affairs under Section 1372.023 or] the Texas State Affordable |
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Housing Corporation under Sections 1372.0221, [and] 1372.0222, and |
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1372.02221. |
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SECTION 7. Section 1372.028(d), Government Code, is amended |
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to read as follows: |
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(d) An issuer is not required to provide the statement |
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required by Subsection (c)(3)(F) if the issuer: |
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(1) is an issuer of a state-voted issue; |
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(2) is the [Texas Department of Housing and Community
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Affairs or the] Texas State Affordable Housing Corporation; or |
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(3) provides evidence that one or more binding |
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contracts have been entered into, or other evidence acceptable to |
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the board as described by program rule, to spend the unexpended |
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proceeds by the later of: |
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(A) 12 months after the date the board receives |
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the application; or |
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(B) December 31 of the program year for which the |
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application is filed. |
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SECTION 8. 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 August 15 |
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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) $40 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 or the] Texas State Affordable |
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Housing Corporation; |
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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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(3) the amount to which the Internal Revenue Code |
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limits issuers of qualified small issue bonds and enterprise zone |
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facility bonds, if the issuer is an issuer of those bonds; |
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(4) the lesser of $20 million or 15 percent of the |
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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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(5) the amount as prescribed in Sections 1372.033(d), |
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(e), and (f), if the issuer is an issuer authorized by Section |
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53B.47, Education Code, to issue qualified student loan bonds; or |
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(6) $50 million, if the issuer is any other issuer of |
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bonds that require an allocation. |
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SECTION 9. Section 1372.040, Government Code, is amended to |
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read as follows: |
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Sec. 1372.040. RESERVATION BY CERTAIN ISSUERS OF QUALIFIED |
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MORTGAGE BONDS OF MONEY FOR MORTGAGES FOR CERTAIN PERSONS. An |
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issuer of qualified mortgage bonds, other than the [Texas
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Department of Housing and Community Affairs or the] Texas State |
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Affordable Housing Corporation, shall reserve for six months 50 |
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percent of the funds available for loans outside the federally |
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designated target areas to provide mortgages to individuals and |
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families with incomes below 80 percent of the applicable median |
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family income, as defined by Section 143(f)(4), Internal Revenue |
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Code (26 U.S.C. Section 143(f)(4)). |
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SECTION 10. Section 2306.1076(b), Government Code, is |
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amended to read as follows: |
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(b) The [In addition to funds set aside for the program
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under Section 1372.023, the] department may solicit and accept |
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funding for the program from gifts and grants for the purposes of |
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this section. |
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SECTION 11. Section 2306.253, Government Code, is |
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transferred to Subchapter Y, Chapter 2306, Government Code, |
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redesignated as Section 2306.570, Government Code, and amended to |
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read as follows: |
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Sec. 2306.570 [2306.253]. HOMEBUYER EDUCATION PROGRAM. |
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(a) The corporation [department] shall develop and implement a |
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statewide homebuyer education program designed to provide |
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information and counseling to prospective homebuyers about the home |
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buying process. |
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(b) The corporation [department] shall develop the program |
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in cooperation with the Texas AgriLife [Agricultural] Extension |
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Service, the Health and [Texas Department of] Human Services |
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Commission, the Real Estate [Research] Center at Texas A&M |
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University, the Texas Workforce Commission, experienced homebuyer |
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education providers, community-based organizations, and advocates |
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of affordable housing. When feasible, the corporation [The
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department] shall implement the program through the self-help |
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centers established under Subchapter Z [when feasible]. |
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(c) The corporation [department] shall make full use of |
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existing training and informational materials available from |
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sources such as the United States Department of Housing and Urban |
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Development, the cooperative extension system, the Neighborhood |
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Reinvestment Corporation, and existing homebuyer education |
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providers. |
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(d) In order to implement this section, the corporation |
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[department] may use money available to the corporation |
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[department] for housing purposes that the corporation |
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[department] is not prohibited from spending on the homebuyer |
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education program, including: |
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(1) the amount of administrative or service fees the |
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corporation [department] receives from the issuance or refunding of |
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bonds that exceeds the amount the corporation [department] needs to |
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pay its overhead costs in administering its bond programs; and |
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(2) money the corporation [department] receives from |
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other entities by gift or grant under a contract. |
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SECTION 12. The heading to Section 2306.565, Government |
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Code, is amended to read as follows: |
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Sec. 2306.565. ISSUANCE OF QUALIFIED RESIDENTIAL RENTAL |
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PROJECT BONDS; ALLOCATION OF BOND FUNDS; COMPLIANCE MONITORING. |
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SECTION 13. Section 2306.565, Government Code, is amended |
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by adding Subsection (k) to read as follows: |
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(k) The corporation shall perform compliance monitoring and |
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physical inspections to ensure that recipients of money funded by |
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bonds issued by the corporation or the department under Section |
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1372.0231(a) comply with all legal and contractual requirements for |
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receiving that money, except that the department shall continue to |
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perform compliance monitoring and physical inspections in relation |
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to contracts maintained under department programs that are |
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otherwise funded using federal money. |
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SECTION 14. The following provisions of the Government Code |
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are repealed: |
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(1) Section 1372.023; |
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(2) Section 1372.0231(b), as amended by Chapters 330 |
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(S.B. 264) and 1329 (S.B. 1664), Acts of the 78th Legislature, |
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Regular Session, 2003; and |
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(3) Section 1372.0231(h). |
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SECTION 15. The change in law made by this Act in amending |
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Chapter 1372, Government Code, applies only to a reservation of |
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state ceiling granted on or after January 1, 2012. |
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SECTION 16. This Act takes effect immediately if it |
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receives a vote of two-thirds of all the members elected to each |
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house, as provided by Section 39, Article III, Texas Constitution. |
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If this Act does not receive the vote necessary for immediate |
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effect, this Act takes effect September 1, 2011. |