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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The department may make loans under the program only to:
(1) colonia self-help centers established under Subchapter Z; and
(2) community housing development organizations certified by the department.
(b) A loan made under the program may be used only for the payment of:
(1) costs associated with the purchase of real property;
(2) costs of surveying, platting, and subdividing or resubdividing real property;
(3) fees, insurance costs, or recording costs associated with the development of the subdivision;
(4) costs of providing proper infrastructure necessary to support residential uses;
(5) real estate commissions and marketing fees; and
(6) any other costs as the department by rule determines to be reasonable and prudent to advance the purposes of this subchapter.
(c) A loan made by the department under the program may not bear interest and may not exceed a term of 36 months.
(d) The department may offer a borrower under the program one loan renewal for each subdivision.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2306.785. Program Loans - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2306-785/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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