Highlights 77th Texas Legislature - Senate

_______________________________ HOUSING
77 th Texas Legislature
federal housing assistance as required under federal law; and coordination in the award of tax credits in
rural areas with the appropriate rural development agency.
Miscellaneous Provisions
Creates a separate governing board to manage the manufactured housing regulatory program, which
remains administratively attached to TDHCA.
Transfers the Community Development Block Grant program from TDHCA and establishes it as the new
Office of Rural Community Affairs. Provides for the program to play a broader role in rural development with
an independent governing board with expertise in rural issues.
Requires TDHCA to:
• develop a single-family mortgage loan product to make loans to home buyers who would otherwise
be forced to borrow from subprime lenders; and
• issue single-family mortgage revenue bonds based on a market feasibility study that studies the
home mortgage credit needs in underserved economic and geographic submarkets.
Establishes a program to preserve "at risk" affordable housing developments.
Clarifies that any development receiving state funds cannot discriminate against individuals with Section 8
housing vouchers or deny rent by using financial or minimum income standards.
Expands information available to the public about housing funding through TDHCA.
Enhances information required to be reported in the State Low Income Housing Plan. Requires TDHCA to
publish on the Internet the availability of housing funded for persons with disabilities.
Establishes a regional planning process and regional development coordinators within TDHCA to
encourage local housing providers to use innovative products and tools that best meet the housing needs
in their region. The coordinators are able identify and work with regional partners to develop an analysis of
the region's affordable housing needs based on data gathered with local and regional input.
Predatory Lending for Home Loans - S.B. 1581
by Senator West
House Sponsor: Representative Yvonne Davis
Attempts to correct certain practices in connection with home loans, mainly the practice of adding credit life,
disability, or unemployment insurance on a prepaid single premium basis in conjunction with a home loan
unless notice is provided to each applicant by a certain time period. The practice has been called
“predatory” by some and the purpose of the bill is to manage fees so consumers are made aware by
lenders as to conditions in the purchase of homes, including manufactured homes.
Requires the lender, for a home loan with an interest rate of 12 percent or greater, and under certain
conditions, to provide to the borrower certain information related to fees and insurance.
Senate Research Center 165