Texas 2025 - 89th Regular

Texas House Bill HB1262 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	89R3310 JAM-D
2	2	By: Goodwin H.B. No. 1262
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7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to the purpose of and programs administered by the Texas
10	10	State Affordable Housing Corporation.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Section 2306.553, Government Code, is amended to
13	13	read as follows:
14	14	Sec. 2306.553. PURPOSES. (a) The public purpose of the
15	15	corporation is to perform activities and services that the
16	16	corporation's board of directors determines will promote the public
17	17	health, safety, and welfare through the provision of adequate,
18	18	safe, and sanitary housing primarily for individuals and families
19	19	of low income, individuals and families of very low income,
20	20	individuals and families of [and] extremely low income, and [for]
21	21	persons who are eligible for loans under the home loan program
22	22	provided by Section 2306.5621. The activities and services shall
23	23	include engaging in mortgage banking activities and lending
24	24	transactions and acquiring, holding, selling, or leasing real or
25	25	personal property.
26	26	(b) The corporation's primary public purpose is to
27	27	facilitate the provision of housing by issuing qualified 501(c)(3)
28	28	bonds and qualified residential rental project bonds and by making
29	29	affordable loans to individuals and families of low income,
30	30	individuals and families of very low income, individuals and
31	31	families of [and] extremely low income, and [to] persons who are
32	32	eligible for loans under the home loan program provided by Section
33	33	2306.5621. The corporation may make first lien, single family
34	34	purchase money mortgage loans for single family homes [only] to
35	35	individuals and families of low, very low, and extremely low income
36	36	only if the individual's or family's household income is not more
37	37	than the greater of 60 percent of the median income for the state,
38	38	as defined by the United States Department of Housing and Urban
39	39	Development, or 60 percent of the area median family income,
40	40	adjusted for family size, as defined by that department. The
41	41	corporation may make loans for multifamily developments if:
42	42	(1) at least 40 percent of the units in a multifamily
43	43	development are affordable to individuals and families with incomes
44	44	at or below 60 percent of the median family income, adjusted for
45	45	family size; or
46	46	(2) at least 20 percent of the units in a multifamily
47	47	development are affordable to individuals and families with incomes
48	48	at or below 50 percent of the median family income, adjusted for
49	49	family size.
50	50	(c) To the extent reasonably practicable, the corporation
51	51	shall use the services of banks, community banks, savings banks,
52	52	thrifts, savings and loan associations, private mortgage
53	53	companies, nonprofit organizations, and other lenders for the
54	54	origination of all loans contemplated by this subchapter and assist
55	55	the lenders in providing credit primarily to individuals and
56	56	families of low income, individuals and families of very low
57	57	income, individuals and families of [and] extremely low income, and
58	58	persons who are eligible for loans under the home loan program
59	59	provided by Section 2306.5621.
60	60	SECTION 2. Section 2306.555(d), Government Code, is amended
61	61	to read as follows:
62	62	(d) All of the mortgage banking operations shall be
63	63	dedicated to the furtherance of facilitating affordable housing
64	64	finance primarily for the benefit of:
65	65	(1) individuals and families of low, very low, and
66	66	extremely low income who, generally, are not afforded housing
67	67	finance options through conventional lending channels; and
68	68	(2) persons who are eligible for loans under the home
69	69	loan program provided by Section 2306.5621.
70	70	SECTION 3. Section 2306.5621(c), Government Code, is
71	71	amended to read as follows:
72	72	(c) To be eligible for a loan under this section, at the time
73	73	a person files an application for the loan, the person must:
74	74	(1) be a:
75	75	(A) fire fighter, corrections officer, county
76	76	jailer, public security officer, peace officer, veteran, or person
77	77	defined as emergency medical services personnel under this section;
78	78	or
79	79	(B) professional educator who is employed by a
80	80	school district or is an allied health or professional nursing
81	81	program faculty member in this state;
82	82	(2) reside in this state; and
83	83	(3) have an income of not more than 140 [115] percent
84	84	of area median family income, adjusted for family size, or the
85	85	maximum amount permitted by Section 143(f), Internal Revenue Code
86	86	of 1986, whichever is greater.
87	87	SECTION 4. This Act takes effect September 1, 2025.