| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the maximum loan amount made to persons under the |
|
|
owner-builder loan program. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 2306.754(b), Government Code, is amended |
|
|
to read as follows: |
|
|
(b) If it is not possible for an owner-builder to purchase |
|
|
necessary real property and build or rehabilitate adequate housing |
|
|
for $45,000, the owner-builder must obtain the amount necessary |
|
|
that exceeds $45,000 from other sources of funds. The total amount |
|
|
of amortized, repayable loans made by the department and other |
|
|
entities to an owner-builder under this subchapter may not exceed |
|
|
$150,000 [$90,000]. |
|
|
SECTION 2. As soon as practicable after the effective date |
|
|
of this Act, the Texas Department of Housing and Community Affairs |
|
|
shall adopt rules necessary to implement Section 2306.754(b), |
|
|
Government Code, as amended by this Act. |
|
|
SECTION 3. This Act takes effect immediately if it receives |
|
|
a vote of two-thirds of all the members elected to each house, as |
|
|
provided by Section 39, Article III, Texas Constitution. If this |
|
|
Act does not receive the vote necessary for immediate effect, this |
|
|
Act takes effect September 1, 2017. |