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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of loans made under the owner-builder |
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loan program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (d), Section 2306.753, Government |
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Code, is amended to read as follows: |
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(d) At least two-thirds of the dollar amount of loans made |
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under this subchapter in each fiscal year must be made to borrowers |
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whose property is in a census tract that has a median household |
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income that is not greater than 75 percent of the median state |
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household income for the most recent year for which statistics are |
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available [located in a county that is eligible to receive
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financial assistance under Subchapter K, Chapter 17, Water Code]. |
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SECTION 2. The change in law made by this Act in amending |
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Section 2306.753, Government Code, applies only to owner-builder |
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loans granted by the Texas Department of Housing and Community |
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Affairs on or after the effective date of this Act. An |
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owner-builder loan granted before the effective date of this Act is |
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governed by the law in effect at the time the loan was granted, and |
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the former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |