Legislation has been filed to update and expand the highly popular Texas Bootstrap Loan program.
Texas Senator Eddie Lucio (D)-Brownsville, the author of the original bootstrap legislation a decade ago has filed SB 679. The bill would double the annual funding required to be spent on the Bootstrap program from the current $3 million to $6 million, increase the maximum loan amount from $30,000 to $45,000 in certain cases and increase the maximum cost of the house (through combined state and private financing) from $60,000 to $90,000.
The Bootstrap program provides an interest free loan to a homeowner who contributes at least 65 percent of the labor to build a home for themselves. Habitat for Humanity chapters in Texas have become major users of this program in recent years, thus expanding greatly the demand for more loan funds.
