Bill Text: TX SB649 | 2011-2012 | 82nd Legislature | Engrossed
Bill Title: Relating to the continuation and functions of the Texas State Affordable Housing Corporation; providing penalties.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Engrossed - Dead) 2011-05-19 - Comm. report sent to Local & Consent Calendar [SB649 Detail]
Download: Texas-2011-SB649-Engrossed.html
By: Hinojosa, Hegar | S.B. No. 649 |
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relating to the continuation and functions of the Texas State | ||
Affordable Housing Corporation; providing penalties. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2306.5521, Government Code, is amended | ||
to read as follows: | ||
Sec. 2306.5521. SUNSET PROVISION. The Texas State | ||
Affordable Housing Corporation is subject to Chapter 325 (Texas | ||
Sunset Act). Unless continued in existence as provided by that | ||
chapter, the corporation is abolished and this subchapter expires | ||
September 1, 2023 [ |
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SECTION 2. Subsections (a) and (b), Section 2306.554, | ||
Government Code, are amended to read as follows: | ||
(a) The board of directors of the corporation consists of | ||
five members appointed by the governor. One member must represent | ||
the interests of individuals and families served by the | ||
corporation's single-family mortgage loan programs, one member | ||
must represent nonprofit housing organizations, and the remaining | ||
three members must [ |
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following areas: | ||
(1) state or federal savings banks or savings and loan | ||
associations; | ||
(2) community banks with assets of $200 million or | ||
less; | ||
(3) large metropolitan banks with assets of more than | ||
$1 billion; | ||
(4) asset management companies; | ||
(5) mortgage servicing companies; | ||
(6) builders; | ||
(7) real estate developers; | ||
(8) real estate brokers; | ||
(9) community or economic development organizations; | ||
(10) private mortgage companies; | ||
(11) nonprofit housing development companies; | ||
(12) attorneys; | ||
(13) investment bankers; | ||
(14) underwriters; | ||
(15) private mortgage insurance companies; | ||
(16) appraisers; | ||
(17) property management companies; | ||
(18) financial advisors; | ||
(19) nonprofit foundations; | ||
(20) financial advisors; or | ||
(21) any other area of expertise that the governor | ||
finds necessary for the successful operation of the corporation. | ||
(b) The governor shall designate a member of the | ||
corporation's board of directors as the presiding officer of the | ||
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pleasure of the governor [ |
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SECTION 3. Subsection (b), Section 2306.5543, Government | ||
Code, is amended to read as follows: | ||
(b) The training program must provide the person with | ||
information regarding: | ||
(1) the legislation that created the corporation [ |
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(2) the programs, functions, rules, and budget of | ||
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corporation; | ||
(4) [ |
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conflicts of interest [ |
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the corporation or the Texas Ethics Commission. | ||
SECTION 4. Subsection (b), Section 2306.5545, Government | ||
Code, is amended to read as follows: | ||
(b) A person may not be a member of the corporation's board | ||
of directors and may not be a corporation employee employed in a | ||
"bona fide executive, administrative, or professional capacity," | ||
as that phrase is used for purposes of establishing an exemption to | ||
the overtime provisions of the federal Fair Labor Standards Act of | ||
1938 (29 U.S.C. Section 201 et seq.), and its subsequent | ||
amendments, if: | ||
(1) the person is an officer, employee, or paid | ||
consultant of a Texas trade association in the field of banking, | ||
mortgage lending, real estate, housing development, or housing | ||
construction; or | ||
(2) the person's spouse is an officer, manager, or paid | ||
consultant of a Texas trade association in the field of banking, | ||
mortgage lending, real estate, housing development, or housing | ||
construction. | ||
SECTION 5. Subsection (d), Section 2306.559, Government | ||
Code, is amended to read as follows: | ||
(d) The report must include: | ||
(1) a statement of support, revenue, and expenses and | ||
change in fund balances; | ||
(2) a statement of functional expenses; [ |
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(3) balance sheets for all funds; | ||
(4) the number, amount, and purpose of private gifts, | ||
grants, donations, or other funds applied for and received; | ||
(5) the number, amount, and purpose of loans provided | ||
to affordable housing developers, regardless of whether the | ||
corporation provides those loans directly to the developers or | ||
administers the loans from another source; | ||
(6) the amount and source of funds deposited into any | ||
fund created by the corporation for the purpose of providing grants | ||
and the number, amount, and purpose of any grants provided; and | ||
(7) the total amount of annual revenue generated by | ||
the corporation in excess of its expenditures. | ||
SECTION 6. Subchapter Y, Chapter 2306, Government Code, is | ||
amended by adding Section 2306.5671 to read as follows: | ||
Sec. 2306.5671. COMPLIANCE WITH TERMS OF CERTAIN CONTRACTS | ||
OR AGREEMENTS. A compliance contract or agreement between the | ||
corporation and a housing sponsor that receives bond financing by | ||
or through the corporation for the purpose of providing affordable | ||
multifamily housing must contain a provision stating that if the | ||
housing sponsor fails to comply with the terms of the contract or | ||
agreement, the corporation may, at a minimum and as appropriate: | ||
(1) assess penalties; | ||
(2) remove the manager of the affected property and | ||
select a new manager; | ||
(3) withdraw reserve funds to make needed repairs and | ||
replacements to the property; or | ||
(4) appoint the corporation as a receiver to protect | ||
and operate the property. | ||
SECTION 7. Section 2306.568, Government Code, is amended to | ||
read as follows: | ||
Sec. 2306.568. RECORD OF COMPLAINTS. (a) The corporation | ||
shall maintain a system to promptly and efficiently act on | ||
complaints [ |
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corporation. The corporation shall maintain information about | ||
parties to the complaint, [ |
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investigation of the complaint, and its disposition[ |
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(b) The corporation shall make information available | ||
describing its [ |
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investigation and resolution. | ||
(c) The corporation[ |
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disposition [ |
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SECTION 8. Section 2306.5671, Government Code, as added by | ||
this Act, does not affect the terms of a compliance contract or | ||
agreement entered into before the effective date of this Act, | ||
except that if the contract or agreement is renewed, modified, or | ||
extended on or after the effective date of this Act, Section | ||
2306.5671 applies to the contract or agreement beginning on the | ||
date of renewal, modification, or extension. | ||
SECTION 9. The change in law made by this Act relating to | ||
the qualifications for membership on the board of directors of the | ||
Texas State Affordable Housing Corporation does not affect the | ||
eligibility of a member of the board serving immediately before the | ||
effective date of this Act to continue to serve on the board for the | ||
term to which the member was appointed. Not later than February 1, | ||
2015, the governor shall appoint members of the board as necessary | ||
to ensure that the composition of the board complies with | ||
Subsection (a), Section 2306.554, Government Code, as amended by | ||
this Act. | ||
SECTION 10. This Act takes effect September 1, 2011. |