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Purpose
During the 76th Legislative session in 1999, HB 2281 was created to implement Subchapter EE, Chapter 2306 of the Texas Government Code, and commonly referred to as the Builder Incentive Partnership Program. The Builder Incentive Partnership Program was created to provide incentives to builders to build homes at or below $70,000, while guaranteeing the purchase of the home if it is not sold within 30 days after completion. It is anticipated that this program will provide incentives for builders to work in the lowest end of the market.
Funding
Two Builders will purchase/obtain lots from local land developers, local lenders will provide the land acquisition and construction financing, and nonprofit will work closely with the builders to ensure that each home has an approved buyer at the end of closing. The Department-OCI has acquired funding for this "Pilot" initiative and will utilize $500,000 of Collateralized Mortgage Obligation (CMO) funds that have been transferred to the Housing Trust Fund (HTF) for this program to provide a guaranteed purchase of the new homes.
2002 Activities
Project is complete.