Section 2306.785 - Program Loans(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.Tex. Gov't. Code § 2306.785
Added by Acts 2001, 77th Leg., ch. 1367, Sec. 2.13, eff. 9/1/2001.