Texas 2011 - 82nd Regular

Texas House Bill HB2660 Compare Versions

The same version is selected twice. Please select two different versions to compare.

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	82R9223 JAM-F
2	2	By: J. Davis of Harris H.B. No. 2660
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to transferring certain functions of the Texas Department
8	8	of Housing and Community Affairs to the Texas State Affordable
9	9	Housing Corporation.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 1372.0221, Government Code, is amended
12	12	to read as follows:
13	13	Sec. 1372.0221. DEDICATION OF PORTION OF STATE CEILING FOR
14	14	PROFESSIONAL EDUCATORS HOME LOAN PROGRAM. Until August 7, out of
15	15	that portion of the state ceiling that is available exclusively for
16	16	reservations by the Texas State Affordable Housing Corporation
17	17	under Section 1372.0223, 20 [54.5] percent shall be allotted each
18	18	year and made available to the corporation for the purpose of
19	19	issuing qualified mortgage bonds in connection with the
20	20	professional educators home loan program established under Section
21	21	2306.562.
22	22	SECTION 2. Section 1372.0222, Government Code, is amended
23	23	to read as follows:
24	24	Sec. 1372.0222. DEDICATION OF PORTION OF STATE CEILING FOR
25	25	FIRE FIGHTER, LAW ENFORCEMENT OR SECURITY OFFICER, AND EMERGENCY
26	26	MEDICAL SERVICES PERSONNEL HOME LOAN PROGRAM. Until August 7, out
27	27	of that portion of the state ceiling that is available exclusively
28	28	for reservations by the Texas State Affordable Housing Corporation
29	29	under Section 1372.0223, 10 [45.5] percent shall be allotted each
30	30	year and made available to the corporation for the purpose of
31	31	issuing qualified mortgage bonds in connection with the fire
32	32	fighter, law enforcement or security officer, and emergency medical
33	33	services personnel home loan program established under Section
34	34	2306.5621.
35	35	SECTION 3. Subchapter B, Chapter 1372, Government Code, is
36	36	amended by adding Section 1372.02221 to read as follows:
37	37	Sec. 1372.02221. DEDICATION OF PORTION OF STATE CEILING FOR
38	38	PROGRAMS ADMINISTERED BY TEXAS STATE AFFORDABLE HOUSING
39	39	CORPORATION. Until August 7, out of that portion of the state
40	40	ceiling that is available exclusively for reservations by the Texas
41	41	State Affordable Housing Corporation under Section 1372.0223, 70
42	42	percent shall be allotted each year and made available to the
43	43	corporation for the purpose of issuing qualified mortgage bonds in
44	44	connection with the programs established under Sections 2306.562
45	45	and 2306.5621 or any other home loan program administered by the
46	46	corporation.
47	47	SECTION 4. Section 1372.0223, Government Code, is amended
48	48	to read as follows:
49	49	Sec. 1372.0223. DEDICATION OF PORTION OF STATE CEILING TO
50	50	[CERTAIN] ISSUERS OF QUALIFIED MORTGAGE BONDS. Until August 7, out
51	51	of that portion of the state ceiling that is available exclusively
52	52	for reservations by issuers of qualified mortgage bonds under
53	53	Section 1372.022:
54	54	(1) 40 [10] percent is available exclusively to the
55	55	Texas State Affordable Housing Corporation for the purpose of
56	56	issuing qualified mortgage bonds; and
57	57	(2) 60 [56.66] percent is available exclusively to
58	58	housing finance corporations for the purpose of issuing qualified
59	59	mortgage bonds.
60	60	SECTION 5. Sections 1372.0231(a), (b-1), (c), (d), (g), and
61	61	(i), Government Code, are amended to read as follows:
62	62	(a) Until August 15, of that portion of the state ceiling
63	63	that is available exclusively for reservations by issuers of
64	64	qualified residential rental project bonds:
65	65	(1) 80 [20 percent is available exclusively to the
66	66	Texas Department of Housing and Community Affairs in the manner
67	67	described by Subsection (b);
68	68	[(2) 70] percent is available exclusively to housing
69	69	finance corporations in the manner described by Subsections
70	70	(c)-(f); and
71	71	(2) 20 [(3) 10] percent is available exclusively to
72	72	the Texas State Affordable Housing Corporation in the manner
73	73	described by Subsection (b-1).
74	74	(b-1) With respect to the amount of the state ceiling set
75	75	aside under Subsection (a)(2) [(a)(3)], the board shall issue
76	76	qualified residential rental project bonds and allocate bond funds
77	77	at the direction of the Texas State Affordable Housing Corporation
78	78	as provided by Section 2306.565. Issuances made by the board under
79	79	this subsection are subject to review and approval by the board
80	80	under Section 1231.041.
81	81	(c) With respect to the amount of the state ceiling set
82	82	aside under Subsection (a)(1) [(a)(2)], the board shall grant
83	83	reservations in a manner that ensures that not more than 50 percent
84	84	of the set-aside amount is used for proposed projects that are
85	85	located in qualified census tracts as defined by the most recent
86	86	publication by the United States Department of Housing and Urban
87	87	Development.
88	88	(d) Except as provided by Subsection (i), before May 1, the
89	89	board shall apportion the amount of the state ceiling set aside
90	90	under Subsection (a)(1) [(a)(2)] among the uniform state service
91	91	regions according to the percentage of the state's population that
92	92	resides in each of those regions.
93	93	(g) On or after May 1, the board may not grant available
94	94	reservations to housing finance corporations described by
95	95	Subsection (a)(1) [(a)] based on uniform state service regions or
96	96	any segments of those regions.
97	97	(i) Before May 1, the board shall apportion the amount of
98	98	the state ceiling set aside under Subsection (a)(1) [(a)(2)] only
99	99	among uniform state service regions with respect to which an issuer
100	100	has submitted an application for a reservation of the state ceiling
101	101	on or before March 1.
102	102	SECTION 6. Section 1372.025(b), Government Code, is amended
103	103	to read as follows:
104	104	(b) Subsection (a) does not apply to qualified mortgage
105	105	bonds or qualified residential rental project bonds made available
106	106	exclusively to [the Texas Department of Housing and Community
107	107	Affairs under Section 1372.023 or] the Texas State Affordable
108	108	Housing Corporation under Sections 1372.0221, [and] 1372.0222, and
109	109	1372.02221.
110	110	SECTION 7. Section 1372.028(d), Government Code, is amended
111	111	to read as follows:
112	112	(d) An issuer is not required to provide the statement
113	113	required by Subsection (c)(3)(F) if the issuer:
114	114	(1) is an issuer of a state-voted issue;
115	115	(2) is the [Texas Department of Housing and Community
116	116	Affairs or the] Texas State Affordable Housing Corporation; or
117	117	(3) provides evidence that one or more binding
118	118	contracts have been entered into, or other evidence acceptable to
119	119	the board as described by program rule, to spend the unexpended
120	120	proceeds by the later of:
121	121	(A) 12 months after the date the board receives
122	122	the application; or
123	123	(B) December 31 of the program year for which the
124	124	application is filed.
125	125	SECTION 8. Section 1372.037(a), Government Code, is amended
126	126	to read as follows:
127	127	(a) Except as provided by Subsection (b), before August 15
128	128	the board may not grant for any single project a reservation for
129	129	that year that is greater than:
130	130	(1) $40 million, if the issuer is an issuer of
131	131	qualified mortgage bonds, other than the [Texas Department of
132	132	Housing and Community Affairs or the] Texas State Affordable
133	133	Housing Corporation;
134	134	(2) $50 million, if the issuer is an issuer of a
135	135	state-voted issue, other than the Texas Higher Education
136	136	Coordinating Board, or $75 million, if the issuer is the Texas
137	137	Higher Education Coordinating Board;
138	138	(3) the amount to which the Internal Revenue Code
139	139	limits issuers of qualified small issue bonds and enterprise zone
140	140	facility bonds, if the issuer is an issuer of those bonds;
141	141	(4) the lesser of $20 million or 15 percent of the
142	142	amount set aside for reservation by issuers of qualified
143	143	residential rental project bonds, if the issuer is an issuer of
144	144	those bonds;
145	145	(5) the amount as prescribed in Sections 1372.033(d),
146	146	(e), and (f), if the issuer is an issuer authorized by Section
147	147	53B.47, Education Code, to issue qualified student loan bonds; or
148	148	(6) $50 million, if the issuer is any other issuer of
149	149	bonds that require an allocation.
150	150	SECTION 9. Section 1372.040, Government Code, is amended to
151	151	read as follows:
152	152	Sec. 1372.040. RESERVATION BY CERTAIN ISSUERS OF QUALIFIED
153	153	MORTGAGE BONDS OF MONEY FOR MORTGAGES FOR CERTAIN PERSONS. An
154	154	issuer of qualified mortgage bonds, other than the [Texas
155	155	Department of Housing and Community Affairs or the] Texas State
156	156	Affordable Housing Corporation, shall reserve for six months 50
157	157	percent of the funds available for loans outside the federally
158	158	designated target areas to provide mortgages to individuals and
159	159	families with incomes below 80 percent of the applicable median
160	160	family income, as defined by Section 143(f)(4), Internal Revenue
161	161	Code (26 U.S.C. Section 143(f)(4)).
162	162	SECTION 10. Section 2306.1076(b), Government Code, is
163	163	amended to read as follows:
164	164	(b) The [In addition to funds set aside for the program
165	165	under Section 1372.023, the] department may solicit and accept
166	166	funding for the program from gifts and grants for the purposes of
167	167	this section.
168	168	SECTION 11. Section 2306.253, Government Code, is
169	169	transferred to Subchapter Y, Chapter 2306, Government Code,
170	170	redesignated as Section 2306.570, Government Code, and amended to
171	171	read as follows:
172	172	Sec. 2306.570 [2306.253]. HOMEBUYER EDUCATION PROGRAM.
173	173	(a) The corporation [department] shall develop and implement a
174	174	statewide homebuyer education program designed to provide
175	175	information and counseling to prospective homebuyers about the home
176	176	buying process.
177	177	(b) The corporation [department] shall develop the program
178	178	in cooperation with the Texas AgriLife [Agricultural] Extension
179	179	Service, the Health and [Texas Department of] Human Services
180	180	Commission, the Real Estate [Research] Center at Texas A&M
181	181	University, the Texas Workforce Commission, experienced homebuyer
182	182	education providers, community-based organizations, and advocates
183	183	of affordable housing. When feasible, the corporation [The
184	184	department] shall implement the program through the self-help
185	185	centers established under Subchapter Z [when feasible].
186	186	(c) The corporation [department] shall make full use of
187	187	existing training and informational materials available from
188	188	sources such as the United States Department of Housing and Urban
189	189	Development, the cooperative extension system, the Neighborhood
190	190	Reinvestment Corporation, and existing homebuyer education
191	191	providers.
192	192	(d) In order to implement this section, the corporation
193	193	[department] may use money available to the corporation
194	194	[department] for housing purposes that the corporation
195	195	[department] is not prohibited from spending on the homebuyer
196	196	education program, including:
197	197	(1) the amount of administrative or service fees the
198	198	corporation [department] receives from the issuance or refunding of
199	199	bonds that exceeds the amount the corporation [department] needs to
200	200	pay its overhead costs in administering its bond programs; and
201	201	(2) money the corporation [department] receives from
202	202	other entities by gift or grant under a contract.
203	203	SECTION 12. The heading to Section 2306.565, Government
204	204	Code, is amended to read as follows:
205	205	Sec. 2306.565. ISSUANCE OF QUALIFIED RESIDENTIAL RENTAL
206	206	PROJECT BONDS; ALLOCATION OF BOND FUNDS; COMPLIANCE MONITORING.
207	207	SECTION 13. Section 2306.565, Government Code, is amended
208	208	by adding Subsection (k) to read as follows:
209	209	(k) The corporation shall perform compliance monitoring and
210	210	physical inspections to ensure that recipients of money funded by
211	211	bonds issued by the corporation or the department under Section
212	212	1372.0231(a) comply with all legal and contractual requirements for
213	213	receiving that money, except that the department shall continue to
214	214	perform compliance monitoring and physical inspections in relation
215	215	to contracts maintained under department programs that are
216	216	otherwise funded using federal money.
217	217	SECTION 14. The following provisions of the Government Code
218	218	are repealed:
219	219	(1) Section 1372.023;
220	220	(2) Section 1372.0231(b), as amended by Chapters 330
221	221	(S.B. 264) and 1329 (S.B. 1664), Acts of the 78th Legislature,
222	222	Regular Session, 2003; and
223	223	(3) Section 1372.0231(h).
224	224	SECTION 15. The change in law made by this Act in amending
225	225	Chapter 1372, Government Code, applies only to a reservation of
226	226	state ceiling granted on or after January 1, 2012.
227	227	SECTION 16. This Act takes effect immediately if it
228	228	receives a vote of two-thirds of all the members elected to each
229	229	house, as provided by Section 39, Article III, Texas Constitution.
230	230	If this Act does not receive the vote necessary for immediate
231	231	effect, this Act takes effect September 1, 2011.