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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 10. GENERAL GOVERNMENT |
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Subtitle G. ECONOMIC DEVELOPMENT PROGRAMS INVOLVING BOTH STATE AND LOCAL GOVERNMENTS |
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Chapter 2306. TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS |
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Subchapter GG. COLONIA MODEL SUBDIVISION PROGRAM |
Sec. 2306.785. PROGRAM LOANS
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(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.