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SECTION 6. Subchapter I,
Chapter 1201, Occupations Code, is amended by adding Section 1201.411 to
read as follows:
Sec. 1201.411. DOWN
PAYMENT ASSISTANCE PROGRAM.
(a) In this section:
(1) "Energy
producing area" means a county in which oil and gas exploration and
production or energy generation is an industry of significance, as
determined by the department.
(2) "Program"
means the down payment assistance program established under this section.
(3) "Rural
area" means an energy producing area that is located:
(A) outside the
boundaries of a primary metropolitan statistical area or a metropolitan
statistical area;
(B) within the boundaries
of a primary metropolitan statistical area or a metropolitan statistical
area, if the statistical area has a population of 25,000 or less and does
not share a boundary with an urban area; or
(C) in an area that is
eligible for funding by the Texas Rural Development Office of the United
States Department of Agriculture, other than an area that is located in a
municipality with a population of more than 50,000.
(b) The department shall
establish a program providing to eligible persons down payment assistance, in the form of deferred forgivable second lien
loans, for the purchase of manufactured homes in rural areas.
Loans provided under this
section:
(1) may not exceed $2,000
per person; and
(2) must be forgiven at the rate of one-fifth of the outstanding
balance of the loan for each year after the issuance of the loan that the
person resides in the home.
(c) To be eligible for
down payment assistance under this section, a person must:
(1) be an individual or
family earning not more than 80 percent of the area median income or
applicable federal poverty line as determined under Section 2306.123 or
2306.1231, Government Code;
(2) meet any creditworthiness or purchase price standards established
by department rule;
(3) occupy the purchased
manufactured home as the person's primary residence; and
(4) purchase a manufactured home in a rural area.
(d) A person who receives
down payment assistance through a second lien loan under this section shall
repay the outstanding balance of the loan if the person ceases to occupy
the manufactured home as the person's primary residence.
No
equivalent provision.
(e) The department shall adopt rules governing:
(1) the administration of
the program;
(2) the issuance of down
payment assistance under the program;
(3) creditworthiness and
purchase price standards; and
(4) the verification of occupancy of the manufactured home as the
person's primary residence.
(f) The department shall
award down payment assistance under the program on a first-come,
first-served basis. The department may publish on its Internet website
notice that the department is accepting applications for the program.
(g) The department shall fund the program with:
(1) subject to Subsection (h), fees deposited to the trust fund
under Section 1201.058;
(2) money appropriated to
the department for that purpose; or
(3) other sources authorized under Subsection (i).
No
equivalent provision.
(h) The department may
not provide assistance for the program under Subsection (g)(1) until the
fund has a total balance that is not less than $100,000 more than an amount
equal to one and one-half times the amount of the unreimbursed claims in
the preceding state fiscal year.
(i) The department may
solicit and accept funding for the program from the following sources:
(1) gifts and grants for
the purposes of this section;
(2) any state or federal
programs that provide money that may be used for the purposes of this section;
and
(3) amounts received by
the department in any repayments of loans made under this section.
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SECTION 1. Subchapter B,
Chapter 1201, Occupations Code, is amended by adding Section 1201.063 to
read as follows:
Sec. 1201.063. DOWN
PAYMENT ASSISTANCE PROGRAM.
No
equivalent provision.
(a) The department shall
establish a program providing down payment assistance to eligible persons
for the purchase of manufactured homes:
(1) from a retailer licensed under this chapter; or
(2) that have been converted to and are being sold as real property.
(See Subsection (b)
below.)
(c) For each manufactured
home purchased with financial assistance under this section, the assistance
may not exceed the lesser of:
(1) $2,000;
(2) 50 percent of any down payment required by the
primary lender; or
(3) five percent of the total purchase price of the manufactured
home and the real property on which a manufactured home has been installed,
if a real property election has been perfected under Section 1201.222(a).
(b) To be eligible for
financial assistance under this section, a person must:
(1) be an individual or
family earning not more than 80 percent of the area median income or
applicable federal poverty line as determined under Section 2306.123 or
2306.1231, Government Code; and
(2) except as provided by
board rule, continuously occupy the purchased manufactured home as the
person's primary residence for at least the
two-year period following the date of purchase of the home.
No
equivalent provision.
(d) Financial assistance
provided under this section must be provided in connection with a primary
loan that:
(1) is from a lender
licensed to make consumer loans in this state or a federally insured
depository institution if the loan does not involve the use of real
property as security; or
(2) complies with the
applicable requirements of state and federal law if the loan involves the
use of real property as security.
(e) The board shall adopt rules governing:
(1) the administration of
the program;
(2) the issuance of
financial assistance under the program;
(3) creditworthiness,
purchase price, and other eligibility
standards;
(4) exceptions to the residency requirement under Subsection (b)(2),
including death, loss of employment, or other exigent circumstances;
(5) contractual enforcement of the residency requirement under
Subsection (b)(2); and
(6) the structure of the financial assistance provided under this
section, which may include secured or unsecured deferred forgivable loans.
No
equivalent provision.
(f) The department may fund the program with:
(1) money appropriated to
the department for that purpose; and
(2) money from the housing trust fund established under Section
2306.201, Government Code, that is made available to the department for
that purpose.
(g) The department may
reserve for payment of administrative expenses not more than five percent
of money received for the program under this section.
No
equivalent provision.
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