By: Davis of Dallas, Blanco H.B. No. 2473
A BILL TO BE ENTITLED
AN ACT
re
lating to establishing a grant program in the Texas Department of
Housing and Community Affairs to assist certain organizations that
make residential mortgage loans to residents of certain
neighborhoods.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter K, Chapter 2306, Government Code, is
amended by adding Section 2306.2562 to read as follows:
Sec. 2306.2562. HOMEOWNERSHIP ASSISTANCE PROGRAM. (a) The
department shall create and administer a program that:
(1) assists homebuyer education and counseling
programs provided by nonprofit organizations to residents of
neighborhoods that have homeownership rates of less than 50
percent;
(2) assists foreclosure prevention programs provided
by nonprofit organizations;
(3) supports enforcement activities by local
governmental entities to prevent and prosecute financial fraud or
deceptive practices relating to homebuyers; and
(4) provides public outreach for programs described by
Subdivisions (1) and (2).
(b) The board shall adopt rules to implement the program
established under this section.
(c) The department shall consult with the Department of
Savings and Mortgage Lending in creating and administering the
program under this section.
SECTION 2. Not later than December 1, 2015, the governing
board of the Texas Department of Housing and Community Affairs
shall adopt the rules required by Section 2306.2562, Government
Code, as added by this Act.
SECTION 3. This Act takes effect September 1, 2015.