The bill amends the Government Code to enhance the mission and operational scope of the Texas State Affordable Housing Corporation. It specifies that the corporation's public purpose includes promoting public health, safety, and welfare by providing adequate housing for individuals and families of low, very low, and extremely low income, as well as those eligible for loans under the home loan program. The bill introduces new language to clarify that the corporation will facilitate housing through the issuance of bonds and affordable loans, with a focus on ensuring that loans are available to those whose household income does not exceed 60% of the median income for the state or area, adjusted for family size.

Additionally, the bill revises eligibility criteria for loans under the home loan program, increasing the income threshold from 115% to 140% of the area median family income, adjusted for family size. It emphasizes the corporation's commitment to using various lending institutions to provide credit primarily to low, very low, and extremely low-income individuals and families. The changes aim to broaden access to affordable housing finance and ensure that the corporation's operations are dedicated to serving those who typically lack options in conventional lending channels. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Government Code 2306.553, Government Code 2306.555, Government Code 2306.5621 (Government Code 2306)