H.B. No. 2425 amends the Government Code to enhance the mission and operational scope of the Texas State Affordable Housing Corporation. The bill specifies that the corporation's public purpose includes providing adequate, safe, and sanitary housing primarily 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 amendments also clarify that the corporation may issue qualified bonds and make affordable loans, with a focus on ensuring that loans are accessible to individuals and families whose household income does not exceed certain thresholds based on median income metrics.

Additionally, the bill expands the definition of eligible persons for low-interest home mortgage loans to include municipal employees, nurses, social workers, and veterans, while removing previous specific job titles. It establishes that applicants must have an income not exceeding 140% of the area median family income and allows the corporation to contract with other agencies to verify applicant qualifications. The changes aim to streamline the process of providing affordable housing finance and ensure that a broader range of individuals can benefit from the corporation's programs. 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)