85R11103 JG-F
By: Watson S.B. No. 989
A BILL TO BE ENTITLED
AN ACT
relating to the amount of money transferred to the owner-builder
revolving loan fund and the maximum loan amount made to persons
under the owner-builder loan program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.754(b), Government Code, is amended
to read as follows:
(b) If it is not possible for an owner-builder to purchase
necessary real property and build or rehabilitate adequate housing
for $45,000, the owner-builder must obtain the amount necessary
that exceeds $45,000 from other sources of funds. [The total amount
of amortized, repayable loans made by the department and other
entities to an owner-builder under this subchapter may not exceed
$90,000.]
SECTION 2. Section 2306.7581(a-1), Government Code, is
amended to read as follows:
(a-1) Each state fiscal year the department shall transfer
at least $5.5 [$3] million to the owner-builder revolving loan fund
from money received under the federal HOME Investment Partnerships
program established under Title II of the Cranston-Gonzalez
National Affordable Housing Act (42 U.S.C. Section 12701 et seq.),
from money in the housing trust fund, or from money appropriated by
the legislature to the department. This subsection expires on, and
a transfer may not be made under this subsection for a state fiscal
year that begins after, the later of August 31, 2025, or the last
day of the first state fiscal year for which an audited financial
statement completed by an independent certified public accountant
confirms that annual repayments made to the department under this
subchapter equal the projected amount of funding made under this
subchapter [2020].
SECTION 3. (a) As soon as practicable after the effective
date of this Act, the Texas Department of Housing and Community
Affairs shall adopt rules necessary to implement Sections
2306.754(b) and 2306.7581(a-1), Government Code, as amended by this
Act.
(b) The change in law made by this Act in amending Section
2306.7581, Government Code, applies beginning with the state fiscal
year that begins September 1, 2017.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2017.