TO: | Honorable Juan Hinojosa, Chair, Senate Committee on Intergovernmental Relations |
FROM: | Ursula Parks, Director, Legislative Budget Board |
IN RE: | SB1690 by Lucio (relating to the establishment of a down payment assistance program by the manufactured housing division of the Texas Department of Housing and Community Affairs for the purchase of manufactured homes by low-income individuals and families.), Committee Report 1st House, Substituted |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2014 | ($240,000) |
2015 | ($240,000) |
2016 | ($240,000) |
2017 | ($240,000) |
2018 | ($240,000) |
Fiscal Year | Probable (Cost) from General Revenue Fund 1 |
---|---|
2014 | ($240,000) |
2015 | ($240,000) |
2016 | ($240,000) |
2017 | ($240,000) |
2018 | ($240,000) |
The bill would amend the Occupations Code relating to the establishment of a down payment assistance program by the manufactured housing division of the Texas Department of Housing and Community Affairs (TDHCA) for the purchase of manufactured homes by low-income individuals and families.
The bill requires TDHCA to provide down payment assistance not to exceed the lesser of: $2,000 per eligible person; 50 percent of any down payment required by the primary lender; or five percent of the total purchase price of the manufactured home and the real property on which a manufactured home has been installed. The bill requires that financial assistance be provided in connection with a primary loan. TDHCA is required to adopt rules not later than December 1, 2013 to implement the provisions of the bill.
In addition, the bill requires TDHCA to fund the program with money appropriated to the department and money from the Housing Trust Fund that is made available to the department for that purpose. The bill would also allow TDHCA to reserve not more than five percent of money received for the program for payment of administrative expenses.
The bill would take effect September 1, 2013.
Source Agencies: | 304 Comptroller of Public Accounts, 332 Department of Housing and Community Affairs
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LBB Staff: | UP, NV, KKR, MW
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