TX
Texas House Bill HB2473

Texas 2015 - 84th Regular

Texas House Bill HB2473 Compare Versions

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1-84R22977 GRM-F
2- By: Davis of Dallas H.B. No. 2473
3- Substitute the following for H.B. No. 2473:
4- By: Longoria C.S.H.B. No. 2473
1+By: Davis of Dallas, Blanco H.B. No. 2473
52
63
74 A BILL TO BE ENTITLED
85 AN ACT
9- relating to establishing a grant program in the Texas Department of
6+ re
7+ lating to establishing a grant program in the Texas Department of
108 Housing and Community Affairs to assist certain organizations that
119 make residential mortgage loans to residents of certain
1210 neighborhoods.
1311 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1412 SECTION 1. Subchapter K, Chapter 2306, Government Code, is
1513 amended by adding Section 2306.2562 to read as follows:
16- Sec. 2306.2562. AFFORDABLE HOMEOWNERSHIP ASSISTANCE
17- PROGRAM. (a) In this section, "residential mortgage loan" has the
18- meaning assigned by Section 180.002, Finance Code.
19- (b) The department shall create and administer a program to
20- provide grants to assist organizations to make below-market rate
21- residential mortgage loans to residents of neighborhoods that have
22- homeownership rates of less than 50 percent.
23- (c) To be eligible to receive a grant under this section, an
24- organization must:
25- (1) have a history of making below-market rate
26- residential mortgage loans to low and moderate income households;
27- (2) provide homebuyer education services; and
28- (3) provide post-home purchase counseling and support
29- services.
30- (d) The board shall adopt rules to implement the program
14+ Sec. 2306.2562. HOMEOWNERSHIP ASSISTANCE PROGRAM. (a) The
15+ department shall create and administer a program that:
16+ (1) assists homebuyer education and counseling
17+ programs provided by nonprofit organizations to residents of
18+ neighborhoods that have homeownership rates of less than 50
19+ percent;
20+ (2) assists foreclosure prevention programs provided
21+ by nonprofit organizations;
22+ (3) supports enforcement activities by local
23+ governmental entities to prevent and prosecute financial fraud or
24+ deceptive practices relating to homebuyers; and
25+ (4) provides public outreach for programs described by
26+ Subdivisions (1) and (2).
27+ (b) The board shall adopt rules to implement the program
3128 established under this section.
32- (e) In adopting rules under this section, the board shall:
33- (1) require an organization to use grant money awarded
34- under this section to make residential mortgage loans to residents
35- of this state described by Subsection (b) at a below-market
36- interest rate; and
37- (2) in awarding grants under the program, give
38- priority to organizations that qualify for matching funds from
39- federal or private sources.
40- (f) An organization awarded a grant under this section shall
41- submit to the department an annual report that contains information
42- regarding the organization's use of the grant money and the
43- reinvestment of loan principal and interest payments made to that
44- organization.
45- (g) The department shall consult with the Department of
29+ (c) The department shall consult with the Department of
4630 Savings and Mortgage Lending in creating and administering the
4731 program under this section.
4832 SECTION 2. Not later than December 1, 2015, the governing
4933 board of the Texas Department of Housing and Community Affairs
5034 shall adopt the rules required by Section 2306.2562, Government
5135 Code, as added by this Act.
5236 SECTION 3. This Act takes effect September 1, 2015.