The bill amends the Texas 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 providing adequate, safe, and sanitary housing primarily for individuals and families of low income, very low income, 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 may issue bonds and make affordable loans specifically to these income groups, while also establishing income thresholds for eligibility based on state and area median family income.

Additionally, the bill modifies the eligibility criteria for individuals applying for loans under the home loan program, raising the income limit from 115 percent to 140 percent of the area median family income. It emphasizes the corporation's commitment to facilitating affordable housing finance for those typically excluded from conventional lending options. The changes aim to broaden access to housing finance for low-income individuals and families, ensuring that the corporation's operations align with the needs of the community it serves. 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)