Sec. 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.
Added by Acts 2001, 77th Leg., ch. 1367, Sec. 2.13, eff. Sept. 1, 2001.