Texas Government Code 2304.062 – Department Loan Rules
(a) The department shall adopt rules governing the making and servicing of a housing rehabilitation loan and the foreclosure of a loan in default. The rules must include:
(1) the requirement that a housing rehabilitation loan be evidenced by a promissory note payable to the state and be secured by a lien on real property in the state; and
(2) the standards under which a household in an area designated by a local government may qualify for a housing rehabilitation loan.
(b) In adopting the standards under Subsection (a)(2), the department shall take into account:
(1) household gross income;
(2) household income available for housing needs;
(3) household size;
(4) the value and condition of the housing to be rehabilitated; and
(5) the ability of households to compete successfully in the private housing market and to pay for sanitary, decent, and safe housing in that market.
Terms Used In Texas Government Code 2304.062
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.