88R14337 KJE-D     By: Reynolds H.B. No. 3873       A BILL TO BE ENTITLED   AN ACT   relating to the establishment of an economic opportunity grant   program by the comptroller of public accounts.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Chapter 403, Government Code, is amended by   adding Subchapter V to read as follows:   SUBCHAPTER V. ECONOMIC OPPORTUNITY GRANT PROGRAM          Sec. 403.701.  DEFINITION. In this subchapter, "program"   means the economic opportunity grant program established under this   subchapter.          Sec. 403.702.  GRANT PROGRAM. (a)  The comptroller shall   establish an economic opportunity grant program to increase   economic opportunities for minority and low-income residents of   this state. The comptroller may apply to the program any money made   available for that purpose.          (b)  The comptroller by rule shall establish:                (1)  eligibility criteria for grant applicants;                (2)  grant application procedures;                (3)  guidelines relating to grant amounts;                (4)  procedures for evaluating grant applications; and                (5)  procedures for monitoring the use of a grant   awarded under the program and ensuring compliance with any   condition of a grant.          Sec. 403.703.  GRANT USE. A grant awarded under the program   may be used to:                (1)  pay the cost of tuition and fees at a public or   private institution of higher education;                (2)  purchase a home; or                (3)  make any investment in financial assets or   personal capital that provides long-term gains to wages and wealth,   as established by comptroller rule.          Sec. 403.704.  RULES. The comptroller may adopt rules as   necessary to implement this subchapter.          SECTION 2.  This Act takes effect September 1, 2023.