83rd Texas Legislature, Regular Session, Senate Bill 286, Chapter 405 Page: 2 of 7
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S.B. No. 286
1 personal property.
2 (b) The corporation's primary public purpose is to
3 facilitate the provision of housing by issuing qualified 501(c) (3)
4 bonds and qualified residential rental project bonds and by making
5 affordable loans to individuals and families of low, very low, and
6 extremely low income and to persons who are eligible for loans under
7 the home loan program [pregrame] provided by Section [Seet-ene
8 230.52 and 2306.5621. The corporation may make first lien,
9 single family purchase money mortgage loans for single family homes
10 only to individuals and families of low, very low, and extremely low
11 income if the individual's or family's household income is not more
12 than the greater of 60 percent of the median income for the state,
13 as defined by the United States Department of Housing and Urban
14 Development, or 60 percent of the area median family income,
15 adjusted for family size, as defined by that department. The
16 corporation may make loans for multifamily developments if:
17 (1) at least 40 percent of the units in a multifamily
18 development are affordable to individuals and families with incomes19 at or below 60 percent of the median family income, adjusted for
20 family size; or
21 (2) at least 20 percent of the units in a multifamily
22 development are affordable to individuals and families with incomes
23 at or below 50 percent of the median family income, adjusted for
24 family size.
25 SECTION 3. The heading to Section 2306.5621, Government
26 Code, is amended to read as follows:
27 Sec. 2306.5621. HOMES FOR TEXAS HEROES [FIRE FrGTE, LAW2
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Texas. Legislature. Senate. 83rd Texas Legislature, Regular Session, Senate Bill 286, Chapter 405, legislative document, June 14, 2013; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth438659/m1/2/: accessed May 5, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.