Texas Senate Bill SB950

Texas 2009 - 81st Regular

Caption

Relating to a fee imposed on real estate transactions to fund the housing trust fund.

Impact

The enactment of SB950 will alter how real estate transactions are processed at the county level, as the additional fee must be integrated into the existing fee structure. The revenue generated from this fee will be allocated directly into the housing trust fund, which is designed to support housing programs aimed at low-income residents. Given the pressing need for affordable housing in numerous Texas communities, proponents argue that this bill will significantly contribute to addressing such challenges and will provide a steady stream of funding for essential housing initiatives.

Summary

SB950 proposes a new fee structure for real estate transactions in Texas to enhance funding for the housing trust fund. Specifically, the bill mandates that a $10 fee must be collected by county clerks upon the filing of the first page of any real property record. This initiative aims to bolster economic support and provide necessary resources for housing projects and assistance programs that address housing shortages in the state. The bill is part of a broader strategy to improve housing availability and affordability across various communities in Texas.

Contention

One point of contention surrounding SB950 is whether imposing additional fees on real estate transactions could discourage potential buyers or increase the financial burden on home purchases. Critics may argue that this could particularly affect low- and middle-income families looking to purchase homes. Additionally, doubts may arise regarding how effectively the allocated funds will be managed and whether they will lead to tangible improvements in housing accessibility. Advocates of the bill, however, maintain that the benefits of maintaining and establishing housing trust resources outweigh the potential drawbacks of the minor fee increase.