Sec. 2304.067. LIMIT ON AMOUNT OF LOAN. The amount of a housing rehabilitation loan may not exceed:
(1) the amount determined by subtracting the amount of all other outstanding indebtedness secured by the property covered by the loan from the market value of the rehabilitated property as determined by the local government approving the loan; or
(2) the amount determined by adding the amount of the housing rehabilitation contract made and approved under Subchapter E for the property to the amount of the administrative charge imposed under Section 2304.068 in connection with the loan.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.
Structure Texas Statutes
Subtitle G - Economic Development Programs Involving Both State and Local Governments
Chapter 2304 - Housing Rehabilitation
Subchapter D. Housing Rehabilitation Loans
Section 2304.061. Primary Use for Loan
Section 2304.062. Department Loan Rules
Section 2304.063. Loan Application
Section 2304.064. Local Government Approval of Loan
Section 2304.065. Department Approval
Section 2304.066. Disbursement of Loan Funds
Section 2304.067. Limit on Amount of Loan
Section 2304.068. Administrative Charge Imposed by Local Government
Section 2304.069. Interest Rate
Section 2304.070. Term of Loan
Section 2304.071. Installment Payments
Section 2304.072. Loan to Be Secured
Section 2304.073. Other Loan Conditions
Section 2304.074. Adjustments if Borrower Unable to Repay Loan
Section 2304.075. Disposition or Encumbrance of Property by Borrower
Section 2304.076. Conditions Under Which Loan Becomes Immediately Due
Section 2304.077. Acquisition of Property to Protect Loan
Section 2304.078. Acquisition of Property to Enforce Lien
Section 2304.079. Public Sale or Auction of Acquired Property
Section 2304.080. Private Sale