Texas Government Code 2306.786 – Administration of Program; Rules
(a) In administering the program, the department by rule shall adopt:
(1) any subdivision standards in excess of local standards the department considers necessary;
(2) loan application procedures;
(3) program guidelines; and
(4) contract award procedures.
(b) The department shall adopt rules to:
(1) ensure that a borrower under the program sells real property under the program only to an individual borrower, nonprofit housing developer, or for-profit housing developer for the purposes of constructing residential dwelling units; and
(2) require a borrower under the program to convey real property under the program at a cost that is affordable to:
(A) individuals and families of extremely low income; or
(B) individuals and families of very low income.
Terms Used In Texas Government Code 2306.786
- Contract: A legal written agreement that becomes binding when signed.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rule: includes regulation. See Texas Government Code 311.005