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AN ACT
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relating to certain low-interest home loan programs offered by the |
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state. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1372.0221, Government Code, is amended |
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to read as follows: |
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Sec. 1372.0221. DEDICATION OF PORTION OF STATE CEILING FOR |
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PROFESSIONAL EDUCATORS HOME LOAN PROGRAM. Until August 7 [1], out |
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of that portion of the state ceiling that is available exclusively |
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for reservations by the Texas State Affordable Housing Corporation |
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[issuers of qualified mortgage bonds] under Section 1372.0223, 54.5 |
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percent [1372.022, $25 million] shall be allotted each year and |
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made available [exclusively] to the corporation [Texas State
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Affordable Housing Corporation] for the purpose of issuing |
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qualified mortgage bonds in connection with the professional |
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educators home loan program established under Section 2306.562. |
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SECTION 2. Section 1372.0222, Government Code, is amended |
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to read as follows: |
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Sec. 1372.0222. DEDICATION OF PORTION OF STATE CEILING FOR |
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FIRE FIGHTER AND LAW ENFORCEMENT OR SECURITY OFFICER HOME LOAN |
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PROGRAM. Until August 7 [1], out of that portion of the state |
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ceiling that is available exclusively for reservations by the Texas |
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State Affordable Housing Corporation [issuers of qualified
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mortgage bonds] under Section 1372.0223, 45.5 percent [1372.022,
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$25 million] shall be allotted each year and made available |
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[exclusively] to the corporation [Texas State Affordable Housing
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Corporation] for the purpose of issuing qualified mortgage bonds in |
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connection with the fire fighter, law enforcement officer, and |
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security officer home loan program established under Section |
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2306.5621. |
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SECTION 3. Section 1372.0223, Government Code, is amended |
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to read as follows: |
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Sec. 1372.0223. DEDICATION OF PORTION OF STATE CEILING TO |
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CERTAIN ISSUERS OF QUALIFIED MORTGAGE BONDS [FOR PROFESSIONAL
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NURSING PROGRAM FACULTY MEMBER HOME LOAN PROGRAM]. Until August 7 |
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[1], out of that portion of the state ceiling that is available |
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exclusively for reservations by issuers of qualified mortgage bonds |
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under Section 1372.022: |
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(1) 10 percent is[, $5 million shall be allotted each
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year and made] available exclusively to the Texas State Affordable |
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Housing Corporation for the purpose of issuing qualified mortgage |
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bonds; and |
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(2) 56.66 percent is available exclusively to housing |
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finance corporations for the purpose of issuing qualified mortgage |
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bonds [in connection with the professional nursing program faculty
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member home loan program established under Section 2306.5622]. |
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SECTION 4. Subsection (a), Section 1372.023, Government |
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Code, is amended to read as follows: |
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(a) Until August 7 [15], of that portion of the state |
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ceiling that is available exclusively for reservations by issuers |
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of qualified mortgage bonds, 33.34 percent [one-third] is available |
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exclusively to the Texas Department of Housing and Community |
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Affairs for the purpose of issuing qualified mortgage bonds. |
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SECTION 5. Subsection (a), Section 1372.037, Government |
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Code, is amended to read as follows: |
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(a) Except as provided by Subsection (b), before August 15 |
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[September 1] the board may not grant for any single project a |
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reservation for that year that is greater than: |
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(1) $25 million, if the issuer is an issuer of |
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qualified mortgage bonds, other than the Texas Department of |
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Housing and Community Affairs or the Texas State Affordable Housing |
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Corporation; |
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(2) $50 million, if the issuer is an issuer of a |
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state-voted issue, other than the Texas Higher Education |
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Coordinating Board, or $75 million, if the issuer is the Texas |
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Higher Education Coordinating Board; |
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(3) the amount to which the Internal Revenue Code |
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limits issuers of qualified small issue bonds and enterprise zone |
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facility bonds, if the issuer is an issuer of those bonds; |
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(4) the lesser of $15 million or 15 percent of the |
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amount set aside for reservation by issuers of qualified |
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residential rental project bonds, if the issuer is an issuer of |
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those bonds; |
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(5) the amount as prescribed in Sections 1372.033(d), |
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(e), and (f), if the issuer is an issuer authorized by Section |
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53.47, Education Code, to issue qualified student loan bonds; or |
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(6) $50 million, if the issuer is any other issuer of |
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bonds that require an allocation. |
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SECTION 6. Subsections (a) and (b), Section 2306.553, |
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Government Code, are amended to read as follows: |
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(a) The public purpose of the corporation is to perform |
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activities and services that the corporation's board of directors |
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determines will promote the public health, safety, and welfare |
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through the provision of adequate, safe, and sanitary housing |
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primarily for individuals and families of low, very low, and |
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extremely low income and[,] for persons who are eligible for loans |
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[professional educators] under the [professional educators] home |
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loan programs [program as] provided by Sections [Section] 2306.562 |
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and[, for fire fighters, corrections officers, county jailers,
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public security officers, and peace officers under the fire
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fighter, law enforcement officer, and security officer home loan
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program as provided by Section] 2306.5621[, and for professional
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nursing program faculty members under the professional nursing
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program faculty member home loan program as provided by Section
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2306.5622]. The activities and services shall include engaging in |
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mortgage banking activities and lending transactions and |
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acquiring, holding, selling, or leasing real or personal property. |
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(b) The corporation's primary public purpose is to |
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facilitate the provision of housing by issuing qualified 501(c)(3) |
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bonds and qualified residential rental project bonds and by making |
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affordable loans to individuals and families of low, very low, and |
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extremely low income and[,] to persons who are eligible for loans |
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under the home loan programs provided by Sections 2306.562 and |
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2306.5621 [professional educators under the professional educators
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home loan program, to fire fighters, corrections officers, county
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jailers, public security officers, and peace officers under the
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fire fighter, law enforcement officer, and security officer home
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loan program, and to professional nursing program faculty members
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under the professional nursing program faculty member home loan
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program]. The corporation may make first lien, single family |
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purchase money mortgage loans for single family homes only to |
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individuals and families of low, very low, and extremely low income |
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if the individual's or family's household income is not more than |
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the greater of 60 percent of the median income for the state, as |
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defined by the United States Department of Housing and Urban |
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Development, or 60 percent of the area median family income, |
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adjusted for family size, as defined by that department. The |
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corporation may make loans for multifamily developments if: |
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(1) at least 40 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 60 percent of the median family income, adjusted for |
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family size; or |
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(2) at least 20 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 50 percent of the median family income, adjusted for |
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family size. |
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SECTION 7. Subsections (a), (b), and (c), Section 2306.562, |
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Government Code, are amended to read as follows: |
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(a) In this section: |
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(1) "Allied health program faculty member" means a |
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full-time member of the faculty of an undergraduate or graduate |
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allied health program of a public or private institution of higher |
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education in this state. |
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(1-a) "Graduate allied health program" means a |
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postbaccalaureate certificate or master's or doctoral degree |
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program in an allied health profession that is accredited by an |
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accrediting entity recognized by the United States Department of |
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Education. |
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(1-b) "Graduate professional nursing program" and |
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"undergraduate professional nursing program" have the meanings |
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assigned by Section 54.221, Education Code. |
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(2) "Home" means a dwelling in this state in which a |
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professional educator intends to reside as the professional |
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educator's principal residence. |
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(3) [(2)] "Mortgage lender" has the meaning assigned |
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by Section 2306.004. |
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(4) [(3)] "Professional educator" means a classroom |
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teacher, full-time paid teacher's aide, full-time librarian, |
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full-time counselor certified under Subchapter B, Chapter 21, |
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Education Code, [or] full-time school nurse, or allied health or |
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professional nursing program faculty member. |
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(5) "Professional nursing program faculty member" |
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means a full-time member of the faculty of either an undergraduate |
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or graduate professional nursing program. |
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(6) [(4)] "Program" means the professional educators |
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home loan program. |
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(7) "Undergraduate allied health program" means an |
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undergraduate degree or certificate program that: |
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(A) prepares students for licensure, |
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certification, or registration in an allied health profession; and |
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(B) is accredited by an accrediting entity |
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recognized by the United States Department of Education. |
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(b) The corporation shall establish a program to provide |
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low-interest home mortgage loans to eligible professional |
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educators whose income does not exceed the greater of: |
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(1) 115 percent of area median family income, adjusted |
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for family size; or |
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(2) the maximum amount permitted by Section 143(f), |
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Internal Revenue Code of 1986[, with low-interest home mortgage
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loans]. |
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(c) To be eligible for a loan under this section, a |
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professional educator must: |
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(1) reside in this state on the application date; and |
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(2) be employed by a school district or be an allied |
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health or professional nursing program faculty member in this state |
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on the application date. |
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SECTION 8. Section 2306.5622, Government Code, is repealed. |
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SECTION 9. The Texas State Affordable Housing Corporation |
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shall aggressively pursue funding for the professional educators |
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home loan program required by Section 2306.562, Government Code, as |
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amended by this Act. |
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SECTION 10. This Act takes effect September 1, 2007. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1185 passed the Senate on |
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May 3, 2007, by the following vote: Yeas 31, Nays 0; and that the |
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Senate concurred in House amendment on May 25, 2007, by the |
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following vote: Yeas 30, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1185 passed the House, with |
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amendment, on May 23, 2007, by the following vote: Yeas 144, |
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Nays 0, two present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |