Bill > HB2425

This bill amends the Texas State Affordable Housing Corporation's purpose and home loan program to expand eligibility and clarify housing assistance goals. The legislation broadens the corporation's mission to provide housing support not only for individuals and families of low, very low, and extremely low income, but also specifically includes persons eligible for the home loan program. The bill adds municipal employees, nurses, and social workers to the list of professions eligible for low-interest home mortgage loans, expanding the previous list that included fire fighters, corrections officers, peace officers, veterans, and educators. The income eligibility threshold for loan applicants is raised from 115% to 140% of area median family income, and the bill provides clear definitions for the newly added professional categories. Additionally, the bill stipulates that the corporation's mortgage banking operations should be dedicated to facilitating affordable housing primarily for individuals with limited conventional lending options and those eligible under the home loan program. The changes aim to increase housing accessibility for various public service professionals and lower-income households, with the bill set to take effect on September 1, 2025.