82R9756 JAM-D
By: Lucio III H.B. No. 3559
A BILL TO BE ENTITLED
AN ACT
relating to allocation of loans made under the owner-builder loan
program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.753(d), Government Code, is amended
to read as follows:
(d) At least two-thirds of the dollar amount of loans made
under this subchapter in each fiscal year must be made to borrowers
whose property is located in a county that is in a census tract that
has a median household income that is not greater than 75 percent of
the median state household income for the most recent year for which
statistics are available [eligible to receive financial assistance
under Subchapter K, Chapter 17, Water Code].
SECTION 2. The change in law made by this Act in amending
Section 2306.753, Government Code, applies only to owner-builder
loans granted by the Texas Department of Housing and Community
Affairs on or after the effective date of this Act. An
owner-builder loan granted before the effective date of this Act is
governed by the law in effect at the time the loan was granted, and
the former law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2011.