| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Lucio S.B. No. 992 | |
| 2 | 2 | (Lucio III) | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the allocation of loans made under the owner-builder | |
| 8 | 8 | loan program. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subsection (d), Section 2306.753, Government | |
| 11 | 11 | Code, is amended to read as follows: | |
| 12 | 12 | (d) At least two-thirds of the dollar amount of loans made | |
| 13 | 13 | under this subchapter in each fiscal year must be made to borrowers | |
| 14 | 14 | whose property is in a census tract that has a median household | |
| 15 | 15 | income that is not greater than 75 percent of the median state | |
| 16 | 16 | household income for the most recent year for which statistics are | |
| 17 | 17 | available [located in a county that is eligible to receive | |
| 18 | 18 | financial assistance under Subchapter K, Chapter 17, Water Code]. | |
| 19 | 19 | SECTION 2. The change in law made by this Act in amending | |
| 20 | 20 | Section 2306.753, Government Code, applies only to owner-builder | |
| 21 | 21 | loans granted by the Texas Department of Housing and Community | |
| 22 | 22 | Affairs on or after the effective date of this Act. An | |
| 23 | 23 | owner-builder loan granted before the effective date of this Act is | |
| 24 | 24 | governed by the law in effect at the time the loan was granted, and | |
| 25 | 25 | the former law is continued in effect for that purpose. | |
| 26 | 26 | SECTION 3. This Act takes effect September 1, 2011. |