| 1 | 1 | | By: Watson, et al. S.B. No. 989 |
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| 2 | 2 | | (Isaac) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the maximum loan amount made to persons under the |
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| 8 | 8 | | owner-builder loan program. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 2306.754(b), Government Code, is amended |
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| 11 | 11 | | to read as follows: |
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| 12 | 12 | | (b) If it is not possible for an owner-builder to purchase |
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| 13 | 13 | | necessary real property and build or rehabilitate adequate housing |
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| 14 | 14 | | for $45,000, the owner-builder must obtain the amount necessary |
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| 15 | 15 | | that exceeds $45,000 from other sources of funds. [The total amount |
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| 16 | 16 | | of amortized, repayable loans made by the department and other |
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| 17 | 17 | | entities to an owner-builder under this subchapter may not exceed |
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| 18 | 18 | | $90,000.] |
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| 19 | 19 | | SECTION 2. As soon as practicable after the effective date |
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| 20 | 20 | | of this Act, the Texas Department of Housing and Community Affairs |
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| 21 | 21 | | shall adopt rules necessary to implement Section 2306.754(b), |
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| 22 | 22 | | Government Code, as amended by this Act. |
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| 23 | 23 | | SECTION 3. This Act takes effect immediately if it receives |
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| 24 | 24 | | a vote of two-thirds of all the members elected to each house, as |
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| 25 | 25 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 26 | 26 | | Act does not receive the vote necessary for immediate effect, this |
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| 27 | 27 | | Act takes effect September 1, 2017. |
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