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A BILL TO BE ENTITLED
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AN ACT
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re |
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lating to establishing a grant program in the Texas Department of |
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Housing and Community Affairs to assist certain organizations that |
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make residential mortgage loans to residents of certain |
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neighborhoods. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter K, Chapter 2306, Government Code, is |
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amended by adding Section 2306.2562 to read as follows: |
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Sec. 2306.2562. HOMEOWNERSHIP ASSISTANCE PROGRAM. (a) The |
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department shall create and administer a program that: |
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(1) assists homebuyer education and counseling |
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programs provided by nonprofit organizations to residents of |
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neighborhoods that have homeownership rates of less than 50 |
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percent; |
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(2) assists foreclosure prevention programs provided |
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by nonprofit organizations; |
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(3) supports enforcement activities by local |
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governmental entities to prevent and prosecute financial fraud or |
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deceptive practices relating to homebuyers; and |
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(4) provides public outreach for programs described by |
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Subdivisions (1) and (2). |
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(b) The board shall adopt rules to implement the program |
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established under this section. |
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(c) The department shall consult with the Department of |
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Savings and Mortgage Lending in creating and administering the |
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program under this section. |
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SECTION 2. Not later than December 1, 2015, the governing |
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board of the Texas Department of Housing and Community Affairs |
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shall adopt the rules required by Section 2306.2562, Government |
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Code, as added by this Act. |
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SECTION 3. This Act takes effect September 1, 2015. |