By: Lucio S.B. No. 992
(Lucio III)
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of loans made under the owner-builder
loan program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (d), Section 2306.753, 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 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 [located in a county that is 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.