Texas Local Government Code Title 12, Chapter 394 - Housing Finance Corporations In Municipalities And Counties
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 394.001 - Short Title
This chapter may be cited as the Texas Housing Finance Corporations Act. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
- Texas Section 394.002 - Purpose; Legislative Findings
(a) The purpose of this chapter is to provide a means to finance the cost of residential ownership and development that will provide decent, safe,...
- Texas Section 394.003 - Definitions
In this chapter: (1) "Bond" means a revenue bond authorized under this chapter and includes a note and any other limited obligation payable as provided...
- Texas Section 394.004 - Application Of Chapter To Certain Residential Developments
This chapter applies only to a residential development at least 90 percent of which is for use by or is intended to be occupied by...
SUBCHAPTER B INCORPORATION OF HOUSING FINANCE CORPORATIONS
- Texas Section 394.005 - Application Of Chapter To Property In Certain Municipalities
This chapter does not apply to property located within a municipality with more than 20,000 inhabitants as determined by the housing finance corporation's rules, resolutions...
- Texas Section 394.011 - Application For Incorporation
(a) The governing body of a local government shall consider a written application for the incorporation of a housing finance corporation filed with the governing...
- Texas Section 394.012 - Application For Incorporation Of, And Other Special Provisions For, Joint Corporation
(a) The governing bodies of more than one local government may consider a written application for the incorporation of a joint housing finance corporation to...
- Texas Section 394.013 - Incorporators
Three or more residents of the local government who are at least 18 years of age may act as incorporators of the housing finance corporation...
- Texas Section 394.014 - Articles Of Incorporation
(a) The articles of incorporation of the housing finance corporation must contain: (1) the name of the corporation; (2) a statement that the corporation is...
- Texas Section 394.015 - Filing Of Articles Of Incorporation; Issuance Of Certificate Of Incorporation
(a) Duplicate originals of the articles of incorporation must be delivered to the secretary of state. If the secretary of state finds that the articles...
- Texas Section 394.016 - Amendment Of Articles Of Incorporation
(a) The articles of incorporation may be amended at any time in the manner provided by this section. (b) The board of directors of the...
SUBCHAPTER C CORPORATE ADMINISTRATION AND OPERATION
- Texas Section 394.017 - Filing Of Articles Of Amendment; Issuance Of Certificate Of Amendment
(a) Duplicate originals of the articles of amendment must be delivered to the secretary of state. If the secretary of state finds that the articles...
- Texas Section 394.021 - Board Of Directors
(a) A housing finance corporation must have a board of directors in which all the powers of the corporation are vested. The board may consist...
- Texas Section 394.022 - Organizational Meeting
(a) After the issuance of the certificate of incorporation, the board of directors named in the articles of incorporation, at the call of a majority...
- Texas Section 394.023 - Disposition Of Corporate Earnings
(a) The housing finance corporation may not pay dividends. The net earnings of the corporation may not be distributed to or benefit the directors or...
- Texas Section 394.024 - Registered Office And Agent
The housing finance corporation shall maintain a registered office and a registered agent as provided by Article 2.05, Texas Non-Profit Corporation Act (Article 1396-2.05, Vernon's...
- Texas Section 394.025 - Corporate Books And Records
A housing finance corporation shall keep complete books and records of account and shall keep minutes of the proceedings of its board of directors. Acts...
- Texas Section 394.026 - Dissolution Of Corporation
(a) If the board of directors determines by resolution that the purposes for which the housing finance corporation was formed have been substantially met and...
SUBCHAPTER D CORPORATE POWERS
- Texas Section 394.027 - Annual Report
(a) Before August 31 of each year, a housing finance corporation shall file with the Texas Department of Housing and Community Affairs a report in...
- Texas Section 394.031 - Exercise Of Powers
(a) A housing finance corporation may exercise any powers incidental to or necessary for the performance of the powers prescribed by this subchapter and may...
- Texas Section 394.032 - General Powers
(a) A housing finance corporation may: (1) make contracts and other instruments as necessary or convenient to the exercise of powers under this chapter; (2)...
- Texas Section 394.033 - Corporate Name; Duration; Seal
(a) A housing finance corporation may have perpetual succession under its corporate name, unless a limited period of duration is stated in the articles of...
- Texas Section 394.034 - Officers; Agents
A housing finance corporation may elect or appoint corporate officers or agents for a period determined by the corporation, define their duties, and may set...
- Texas Section 394.035 - Bylaws
A housing finance corporation may make, amend, and repeal bylaws, not inconsistent with the articles of incorporation or this chapter, for the administration and regulation...
- Texas Section 394.036 - Acceptance Of Financial Assistance
(a) A housing finance corporation may apply for and accept, on its own behalf or on behalf of another person, advances, loans, grants, contributions, guarantees,...
- Texas Section 394.037 - Bonds
(a) A housing finance corporation may issue bonds to defray, in whole or in part: (1) the development costs of a residential development; (2) the...
- Texas Section 394.038 - Acquisition Of Shares Or Obligations
A housing finance corporation may purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, mortgage, lend, pledge, sell, or otherwise dispose of,...
- Texas Section 394.039 - Specific Powers Relating To Financial And Property Transactions
A housing finance corporation may: (1) lend money for its corporate purposes, invest and reinvest its funds, and take and hold real or personal property...
- Texas Section 394.040 - Transactions With Lending Institutions
(a) A housing finance corporation may make, contract to make, but is not required to make, and enter into advance commitments to make home mortgages...
- Texas Section 394.041 - Standards For Mortgages Or Loans
A housing finance corporation may establish by rule, in resolutions or financing documents relating to the issuance of bonds, standards and requirements applicable to making...
SUBCHAPTER E HOUSING FINANCE CORPORATION BONDS
- Texas Section 394.042 - Disposal Of Residential Developments Or Home Mortgages
(a) A housing finance corporation may sell and convey any residential development or home mortgage, including a sale and conveyance subject to a mortgage, pledge,...
- Texas Section 394.051 - Bonds; Investment
(a) A housing finance corporation may issue its bonds by resolution of the board of directors for the purposes prescribed by this chapter. The resolution...
- Texas Section 394.052 - Bond Covenants
(a) A resolution authorizing the issuance of bonds under this chapter may contain covenants relating to: (1) the use and disposition of the bond proceeds...
- Texas Section 394.053 - Validity Of Bonds; Signatures
(a) Bonds issued under this chapter must bear the actual or facsimile signature of the housing finance corporation's officers designated in the resolution authorizing the...
- Texas Section 394.054 - Security For Bonds
(a) A resolution authorizing the issuance of bonds under this chapter may require that the principal of and interest on the bonds be secured by...
- Texas Section 394.055 - Liability For Bonds And Contracts; Debt Not Created
(a) Bonds issued under this chapter are limited obligations of the housing finance corporation and are payable solely from the revenue, receipts, and other resources...
- Texas Section 394.056 - Bond As Security
(a) A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined...
SUBCHAPTER Z MISCELLANEOUS PROVISIONS
- Texas Section 394.057 - Bond As Authorized Investment Or As Security For Deposit
(a) Bonds issued under this chapter are legal and authorized investments for any bank, savings bank, trust company, savings and loan association, insurance company, fiduciary,...
- Texas Section 394.901 - Designation Of Area As Economically Depressed Or Blighted; Notice
(a) To designate an area as economically depressed or blighted under the meaning provided by Section 394.003(3)(B) or (C), the governing body of the affected...
- Texas Section 394.902 - Housing For Elderly
(a) The housing finance corporation shall require that at least five percent of the units in a multifamily residential development be built or renovated and...
- Texas Section 394.9025 - Multifamily Residential Development
(a) Following a public hearing, a housing finance corporation may issue bonds to finance a multifamily residential development to be owned by the housing finance...
- Texas Section 394.903 - Location Of Residential Development; Residential Development Sites
(a) A residential development covered by this chapter must be located within the local government. (b) The local government may transfer any residential development site...
- Texas Section 394.904 - Exemption From Requirements And Restrictions Applying To Public Property
(a) The acquisition, construction, or rehabilitation of a private residential development or a home is not subject to requirements relating to public buildings, structures, grounds,...
- Texas Section 394.905 - Exemption From Taxation
The housing finance corporation, all property owned by it, the income from the property, all bonds issued by it, the income from the bonds, and...
- Texas Section 394.906 - Conditions Under Which Federal Guarantee Or Home Mortgage Insurance Not Required
A home mortgage does not require a federal guarantee or home mortgage insurance if the principal of and interest on the housing finance corporation's bonds...
- Texas Section 394.907 - Corporation Powers Not Restricted; Police Powers Not Affected
(a) This chapter does not restrict or otherwise limit any powers that the housing finance corporation may otherwise exercise under the laws of this state....
Last modified: September 28, 2016