By: Walle, Meyer (Senate Sponsor - Lucio) H.B. No. 1402
(In the Senate - Received from the House April 24, 2019;
April 25, 2019, read first time and referred to Committee on
Intergovernmental Relations; May 6, 2019, reported adversely, with
favorable Committee Substitute by the following vote: Yeas 4,
Nays 3; May 6, 2019, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR H.B. No. 1402 By: Lucio
A BILL TO BE ENTITLED
AN ACT
relating to the purposes of and income eligibility limits for
participation in programs offered by the Texas State Affordable
Housing Corporation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.551, Government Code, is amended to
read as follows:
Sec. 2306.551. DEFINITIONS [DEFINITION]. In this
subchapter:
(1) "Corporation" [, "corporation"] means the Texas
State Affordable Housing Corporation.
(2) "Economic development opportunities" means
financing activities that:
(A) maintain or increase employment in an area of
high unemployment or an area with a concentration of individuals
and families of moderate, low, very low, and extremely low income;
(B) constitute activities that would not
otherwise occur in the area in the absence of economic development;
(C) support the public purposes of the
corporation described by Section 2306.553; and
(D) do not limit, impair, or conflict with the
public purposes or activities of the Texas Economic Development and
Tourism Office established under Chapter 481, including duties,
powers, or purposes relating to the:
(i) Texas Economic Development Corporation
established under Section 481.024;
(ii) capital access fund established under
Section 481.402; and
(iii) capital access program established
under Section 481.405.
SECTION 2. Section 2306.553(a), Government Code, is amended
to read as follows:
(a) The public purpose of the corporation is to perform
activities and services that the corporation's board of directors
determines will promote the public health, safety, and welfare
through the provision of adequate, safe, and sanitary housing and
economic development opportunities primarily for individuals and
families of moderate, low, very low, and extremely low income and
for persons who are eligible for loans under the home loan program
provided by Section 2306.5621. The activities and services shall
include engaging in mortgage banking activities and lending
transactions and acquiring, holding, selling, or leasing real or
personal property.
SECTION 3. This Act takes effect September 1, 2019.
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