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A BILL TO BE ENTITLED
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AN ACT
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relating to the purpose of and programs administered by the Texas |
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State Affordable Housing Corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.553, Government Code, is amended to |
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read as follows: |
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Sec. 2306.553. PURPOSES. (a) The public purpose of the |
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corporation is to perform activities and services that the |
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corporation's board of directors determines will promote the public |
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health, safety, and welfare through the provision of adequate, |
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safe, and sanitary housing primarily for individuals and families |
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of low income, individuals and families of very low income, |
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individuals and families of [and] extremely low income, and [for] |
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persons who are eligible for loans under the home loan program |
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provided by Section 2306.5621. The activities and services shall |
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include engaging in mortgage banking activities and lending |
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transactions and acquiring, holding, selling, or leasing real or |
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personal property. |
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(b) The corporation's primary public purpose is to |
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facilitate the provision of housing by issuing qualified 501(c)(3) |
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bonds and qualified residential rental project bonds and by making |
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affordable loans to individuals and families of low income, |
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individuals and families of very low income, individuals and |
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families of [and] extremely low income, and [to] persons who are |
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eligible for loans under the home loan program provided by Section |
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2306.5621. The corporation may make first lien, single family |
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purchase money mortgage loans for single family homes [only] to |
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individuals and families of low, very low, and extremely low income |
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only if the individual's or family's household income is not more |
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than the greater of 60 percent of the median income for the state, |
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as defined by the United States Department of Housing and Urban |
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Development, or 60 percent of the area median family income, |
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adjusted for family size, as defined by that department. The |
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corporation may make loans for multifamily developments if: |
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(1) at least 40 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 60 percent of the median family income, adjusted for |
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family size; or |
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(2) at least 20 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 50 percent of the median family income, adjusted for |
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family size. |
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(c) To the extent reasonably practicable, the corporation |
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shall use the services of banks, community banks, savings banks, |
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thrifts, savings and loan associations, private mortgage |
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companies, nonprofit organizations, and other lenders for the |
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origination of all loans contemplated by this subchapter and assist |
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the lenders in providing credit primarily to individuals and |
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families of low income, individuals and families of very low |
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income, individuals and families of [and] extremely low income, and |
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persons who are eligible for loans under the home loan program |
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provided by Section 2306.5621. |
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SECTION 2. Section 2306.555(d), Government Code, is amended |
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to read as follows: |
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(d) All of the mortgage banking operations shall be |
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dedicated to the furtherance of facilitating affordable housing |
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finance primarily for the benefit of: |
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(1) individuals and families of low, very low, and |
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extremely low income who, generally, are not afforded housing |
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finance options through conventional lending channels; and |
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(2) persons who are eligible for loans under the home |
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loan program provided by Section 2306.5621. |
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SECTION 3. Section 2306.5621(c), Government Code, is |
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amended to read as follows: |
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(c) To be eligible for a loan under this section, at the time |
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a person files an application for the loan, the person must: |
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(1) be a: |
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(A) fire fighter, corrections officer, county |
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jailer, public security officer, peace officer, veteran, or person |
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defined as emergency medical services personnel under this section; |
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or |
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(B) professional educator who is employed by a |
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school district or is an allied health or professional nursing |
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program faculty member in this state; |
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(2) reside in this state; and |
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(3) have an income of not more than 140 [115] percent |
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of area median family income, adjusted for family size, or the |
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maximum amount permitted by Section 143(f), Internal Revenue Code |
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of 1986, whichever is greater. |
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SECTION 4. This Act takes effect September 1, 2025. |