| |
|
| |
|
|
By: Watson |
S.B. No. 989 |
|
|
(In the Senate - Filed February 21, 2017; March 6, 2017, |
|
|
read first time and referred to Committee on Intergovernmental |
|
|
Relations; April 26, 2017, reported adversely, with favorable |
|
|
Committee Substitute by the following vote: Yeas 6, Nays 0, 1 |
|
|
present not voting; April 26, 2017, sent to printer.) |
| Click here to see the committee vote |
| |
|
|
COMMITTEE SUBSTITUTE FOR S.B. No. 989 |
By: Bettencourt |
| |
|
|
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
|
|
|
$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. |
|
|
|
|
|
* * * * * |