Texas Senate Bill SJR46

Texas 2009 - 81st Regular

Caption

Proposing a constitutional amendment authorizing the issuance of general obligation bonds to provide funds for affordable housing.

Impact

If enacted, this bill would amend Article III of the Texas Constitution by adding Section 49-r, specifically allowing the state to manage and issue bonds for housing purposes. This legislative change could lead to a significant increase in available funds for affordable housing projects, which is a pressing issue in the state, as it aims to address the growing housing crisis for low-income residents. The amendment would ensure that the necessary funding mechanisms are in place to support these efforts over the coming years.

Summary

SJR46 proposes a constitutional amendment to authorize the issuance of general obligation bonds aimed at providing funding for affordable housing in Texas. The resolution allows the Texas Department of Housing and Community Affairs or its successor to issue bonds up to a maximum amount of $300 million. The proceeds from these bonds would be allocated to the housing trust fund to be used exclusively for supporting affordable housing initiatives across the state.

Contention

While proponents argue that SJR46 is crucial for combating the affordable housing shortage, opponents may raise concerns about the implications of increasing state debt through the issuance of general obligation bonds. There may be discussions around fiscal responsibility and the impact on future budgets, considering that the state would be obligated to ensure timely payments on the bonds issued. Ensuring oversight and transparency in how the allocated funds are utilized may also be a point of debate during the resolution's implementation phase.