Texas 2013 - 83rd Regular

Texas Senate Bill SB1690 Compare Versions

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1	1	By: Lucio S.B. No. 1690
2	2	(In the Senate - Filed March 8, 2013; March 25, 2013, read
3	3	first time and referred to Committee on Intergovernmental
4	4	Relations; April 29, 2013, reported adversely, with favorable
5	5	Committee Substitute by the following vote: Yeas 3, Nays 0;
6	6	April 29, 2013, sent to printer.)
7	7	COMMITTEE SUBSTITUTE FOR S.B. No. 1690 By: Garcia
8	8
9	9
10	10	A BILL TO BE ENTITLED
11	11	AN ACT
12	12	relating to the establishment of a down payment assistance program
13	13	by the manufactured housing division of the Texas Department of
14	14	Housing and Community Affairs for the purchase of manufactured
15	15	homes by low-income individuals and families.
16	16	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
17	17	SECTION 1. Subchapter B, Chapter 1201, Occupations Code, is
18	18	amended by adding Section 1201.063 to read as follows:
19	19	Sec. 1201.063. DOWN PAYMENT ASSISTANCE PROGRAM. (a) The
20	20	department shall establish a program providing down payment
21	21	assistance to eligible persons for the purchase of manufactured
22	22	homes:
23	23	(1) from a retailer licensed under this chapter; or
24	24	(2) that have been converted to and are being sold as
25	25	real property.
26	26	(b) To be eligible for financial assistance under this
27	27	section, a person must:
28	28	(1) be an individual or family earning not more than 80
29	29	percent of the area median income or applicable federal poverty
30	30	line as determined under Section 2306.123 or 2306.1231, Government
31	31	Code; and
32	32	(2) except as provided by board rule, continuously
33	33	occupy the purchased manufactured home as the person's primary
34	34	residence for at least the two-year period following the date of
35	35	purchase of the home.
36	36	(c) For each manufactured home purchased with financial
37	37	assistance under this section, the assistance may not exceed the
38	38	lesser of:
39	39	(1) $2,000;
40	40	(2) 50 percent of any down payment required by the
41	41	primary lender; or
42	42	(3) five percent of the total purchase price of the
43	43	manufactured home and the real property on which a manufactured
44	44	home has been installed, if a real property election has been
45	45	perfected under Section 1201.222(a).
46	46	(d) Financial assistance provided under this section must
47	47	be provided in connection with a primary loan that:
48	48	(1) is from a lender licensed to make consumer loans in
49	49	this state or a federally insured depository institution if the
50	50	loan does not involve the use of real property as security; or
51	51	(2) complies with the applicable requirements of state
52	52	and federal law if the loan involves the use of real property as
53	53	security.
54	54	(e) The board shall adopt rules governing:
55	55	(1) the administration of the program;
56	56	(2) the issuance of financial assistance under the
57	57	program;
58	58	(3) creditworthiness, purchase price, and other
59	59	eligibility standards;
60	60	(4) exceptions to the residency requirement under
61	61	Subsection (b)(2), including death, loss of employment, or other
62	62	exigent circumstances;
63	63	(5) contractual enforcement of the residency
64	64	requirement under Subsection (b)(2); and
65	65	(6) the structure of the financial assistance provided
66	66	under this section, which may include secured or unsecured deferred
67	67	forgivable loans.
68	68	(f) The department may fund the program with:
69	69	(1) money appropriated to the department for that
70	70	purpose; and
71	71	(2) money from the housing trust fund established
72	72	under Section 2306.201, Government Code, that is made available to
73	73	the department for that purpose.
74	74	(g) The department may reserve for payment of
75	75	administrative expenses not more than five percent of money
76	76	received for the program under this section.
77	77	SECTION 2. The Texas Department of Housing and Community
78	78	Affairs shall adopt the rules required by Subsection (e), Section
79	79	1201.063, Occupations Code, as added by this Act, not later than
80	80	December 1, 2013.
81	81	SECTION 3. This Act takes effect September 1, 2013.
82	82	* * * * *