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A BILL TO BE ENTITLED
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AN ACT
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relating to the establishment of a down payment assistance program |
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by the manufactured housing division of the Texas Department of |
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Housing and Community Affairs for the purchase of manufactured |
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homes by low-income individuals and families. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 1201, Occupations Code, is |
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amended by adding Section 1201.063 to read as follows: |
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Sec. 1201.063. DOWN PAYMENT ASSISTANCE PROGRAM. (a) The |
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department shall establish a program providing down payment |
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assistance to eligible persons for the purchase of manufactured |
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homes: |
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(1) from a retailer licensed under this chapter; or |
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(2) that have been converted to and are being sold as |
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real property. |
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(b) To be eligible for financial assistance under this |
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section, a person must: |
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(1) be an individual or family earning not more than 80 |
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percent of the area median income or applicable federal poverty |
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line as determined under Section 2306.123 or 2306.1231, Government |
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Code; and |
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(2) except as provided by board rule, continuously |
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occupy the purchased manufactured home as the person's primary |
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residence for at least the two-year period following the date of |
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purchase of the home. |
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(c) For each manufactured home purchased with financial |
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assistance under this section, the assistance may not exceed the |
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lesser of: |
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(1) $2,000; |
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(2) 50 percent of any down payment required by the |
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primary lender; or |
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(3) five percent of the total purchase price of the |
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manufactured home and the real property on which a manufactured |
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home has been installed, if a real property election has been |
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perfected under Section 1201.222(a). |
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(d) Financial assistance provided under this section must |
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be provided in connection with a primary loan that: |
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(1) is from a lender licensed to make consumer loans in |
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this state or a federally insured depository institution if the |
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loan does not involve the use of real property as security; or |
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(2) complies with the applicable requirements of state |
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and federal law if the loan involves the use of real property as |
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security. |
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(e) The board shall adopt rules governing: |
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(1) the administration of the program; |
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(2) the issuance of financial assistance under the |
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program; |
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(3) creditworthiness, purchase price, and other |
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eligibility standards; |
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(4) exceptions to the residency requirement under |
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Subsection (b)(2), including death, loss of employment, or other |
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exigent circumstances; |
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(5) contractual enforcement of the residency |
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requirement under Subsection (b)(2); and |
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(6) the structure of the financial assistance provided |
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under this section, which may include secured or unsecured deferred |
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forgivable loans. |
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(f) The department may fund the program with: |
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(1) money appropriated to the department for that |
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purpose; and |
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(2) money from the housing trust fund established |
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under Section 2306.201, Government Code, that is made available to |
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the department for that purpose. |
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(g) The department may reserve for payment of |
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administrative expenses not more than five percent of money |
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received for the program under this section. |
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SECTION 2. The Texas Department of Housing and Community |
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Affairs shall adopt the rules required by Subsection (e), Section |
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1201.063, Occupations Code, as added by this Act, not later than |
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December 1, 2013. |
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SECTION 3. This Act takes effect September 1, 2013. |
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