(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.

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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.