Sec. 2306.786. ADMINISTRATION OF PROGRAM; RULES. (a) In administering the program, the department by rule shall adopt:
(1) any subdivision standards in excess of local standards the department considers necessary;
(2) loan application procedures;
(3) program guidelines; and
(4) contract award procedures.
(b) The department shall adopt rules to:
(1) ensure that a borrower under the program sells real property under the program only to an individual borrower, nonprofit housing developer, or for-profit housing developer for the purposes of constructing residential dwelling units; and
(2) require a borrower under the program to convey real property under the program at a cost that is affordable to:
(A) individuals and families of extremely low income; or
(B) individuals and families of very low income.
Added by Acts 2001, 77th Leg., ch. 1367, Sec. 2.13, eff. Sept. 1, 2001.
Last modified: September 28, 2016