reglab/statecodes huggingface dataset:
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.0831. Payment for Bonds

Sec. 392.0831.  PAYMENT FOR BONDS.  Bonds issued by an authority may be sold:
(1)  for cash;
(2)  in exchange for property constituting a housing project;  or
(3)  by any combination of those methods.
Added by Acts 1989, 71st Leg., ch. 677, Sec. 8, eff. Aug. 28, 1989.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.084. Negotiability of Bonds

Sec. 392.084.  NEGOTIABILITY OF BONDS.  A bond issued under this chapter is fully negotiable.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.085. Liability on Bonds and Other Obligations

Sec. 392.085.  LIABILITY ON BONDS AND OTHER OBLIGATIONS.  (a)  A commissioner of an authority or a person who executes the bonds for an authority is not liable personally on the bonds due to the issuance of the bonds.
(b)  The bonds and other obligations of an authority are not a debt of a municipality, a county, another political subdivision of the state, or the state, and a municipality, a county, another political subdivision, or the state is not liable on the bonds.
(c)  Bonds issued by an authority are payable from only the funds and property of the authority issuing the bonds.
(d)  Bonds and other obligations of an authority must state on their face that they are not debts of a municipality, a county, another political subdivision, or the state;  that a municipality, a county, another political subdivision, or the state is not liable on the bonds;  and that the bonds are payable from only the funds and property of the authority issuing the bonds.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.086. Tax Exemption

Sec. 392.086.  TAX EXEMPTION.  Bonds of an authority are issued for an essential public and governmental purpose and are public instrumentalities.  The bonds, interest on the bonds, and income from the bonds are exempt from taxes.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.088. Certification of Attorney General

Sec. 392.088.  CERTIFICATION OF ATTORNEY GENERAL.  After the proceedings for the issuance of bonds are complete, an authority may submit to the attorney general the bonds to be issued and the record of the proceedings.  The attorney general shall examine and pass on the validity of the bonds and the regularity of the proceedings in connection with the bonds.  If the proceedings conform to this chapter and are otherwise regular in form and if the bonds, on delivery and receipt of payment, will be binding and legal obligations of the authority that are enforceable according to their terms, the attorney general shall certify in substance on the back of the bonds that the bonds are issued in accordance with the constitution and the laws of the state.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.089. Purchase of Bonds by Authority

Sec. 392.089.  PURCHASE OF BONDS BY AUTHORITY.  An authority may purchase its bonds at a price not greater than the principal and accrued interest of the bonds.  Bonds purchased by an authority shall be canceled.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter E. Bonds and Other Obligations › Section 392.090. Covenant of Regional Housing Authority Regarding Area of Operation

Sec. 392.090.  COVENANT OF REGIONAL HOUSING AUTHORITY REGARDING AREA OF OPERATION.  In connection with the issuance of bonds or the incurring of other obligations, a regional housing authority may make a covenant regarding limitations on its right to adopt resolutions relating to the increase of its area of operation.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter F. Remedies › Section 392.101. Remedies of an Obligee of the Authority

Sec. 392.101.  REMEDIES OF AN OBLIGEE OF THE AUTHORITY.  (a)  Subject to contractual restrictions binding on the obligee, an obligee of an authority may compel, by mandamus or other proceeding at law or in equity, the performance by the authority and the commissioners, officers, agents, or employees of the authority of a term, provision, or covenant in a contract of the authority with or for the benefit of the obligee and of the duties of the authority under this chapter.
(b)  Subject to contractual restrictions binding on the obligee, an obligee may obtain an injunction, by a proceeding in equity, of an unlawful act or of a violation of a right of the obligee by the authority.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter F. Remedies › Section 392.102. Optional Remedies of an Obligee

Sec. 392.102.  OPTIONAL REMEDIES OF AN OBLIGEE.  (a)  By resolution, trust indenture, mortgage, lease, or other contract, an authority may confer on an obligee holding or representing a specified amount in bonds or holding a lease the right on default to:
(1)  the possession of a housing project or part of a housing project;
(2)  the appointment of a receiver of a housing project or part of a housing project and of the rents and profits of the project;  or
(3)  require the authority and the commissioners of the authority to account as if the authority and commissioners were the trustees of an express trust.
(b)  The resolution or other instrument conferring a right under Subsection (a) must define the term "default."  The obligee may enforce the right in a proceeding in a court of competent jurisdiction.
(c)  A receiver appointed in a proceeding brought under this section may take possession of, operate, maintain, and collect and receive the fees, rents, revenues, or other charges of the project or part of the project.  The receiver shall keep the money in one or more separate accounts and apply the money in accordance with the obligations of the authority as the court directs.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter F. Remedies › Section 392.103. Exemption of Property From Execution Sale

Sec. 392.103.  EXEMPTION OF PROPERTY FROM EXECUTION SALE.  (a)  The real property of an authority is exempt from levy and sale by execution.  An execution or other judicial process may not issue against the property, and a judgment against the authority may not be a charge or lien on the property.
(b)  Subsection (a) does not limit the right of an obligee to foreclose or otherwise enforce a mortgage of an authority or to pursue a remedy for the enforcement of a pledge or lien given by the authority on its rents, fees, or revenues.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 392 - Housing Authorities Established by Municipalities and Counties › Subchapter F. Remedies › Section 392.104. Effect of Certain Provisions on Obligee Rights Conferred by Authority

Sec. 392.104.  EFFECT OF CERTAIN PROVISIONS ON OBLIGEE RIGHTS CONFERRED BY AUTHORITY.  Sections 392.004 and 392.055 do not limit the power of an authority to vest in an obligee the right, in the event of default by the authority, to take possession of a housing project, obtain the appointment of a receiver for the project, or acquire title to the project through foreclosure, free from the restrictions imposed by those sections.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.001. Short Title

Sec. 393.001.  SHORT TITLE.  This chapter may be cited as the Housing Cooperation Law.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.002. Legislative Findings; Purpose

Sec. 393.002.  LEGISLATIVE FINDINGS;  PURPOSE.  (a)  The legislature has found in the Housing Authorities Law (Chapter 392) that:
(1)  unsafe and unsanitary housing conditions exist in this state for persons of low income;
(2)  there is a shortage of safe and sanitary dwellings for those persons;
(3)  those conditions require excessive and disproportionate expenditures of public funds for crime prevention and punishment, public health and safety, fire and accident protection, and other public services and facilities;  and
(4)  the public interest requires the remedying of those conditions.
(b)  The legislature finds and declares that:
(1)  the assistance provided under this chapter to remedy the conditions described in the Housing Authorities Law constitutes a public purpose and an essential governmental function for which public money may be spent and other aid given;
(2)  it is a proper public purpose for a public body to aid a housing authority that operates within the boundaries or jurisdiction of the public body or to aid a housing project within its boundaries or jurisdiction because the public body derives immediate benefits and advantages from the authority or project;  and
(3)  this chapter is necessary in the public interest.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.003. Definitions

Sec. 393.003.  DEFINITIONS.  In this chapter:
(1)  "Federal government" includes the United States, the United States Department of Housing and Urban Development, or any other agency or instrumentality, corporate or otherwise, of the United States.
(2)  "Governing body" means the council, commissioners court, board, or other body that is in charge of the fiscal affairs of a public body.
(3)  "Housing authority" means an authority created under the Housing Authorities Law (Chapter 392).
(4)  "Housing project" means a work or other undertaking of a housing authority in accordance with the Housing Authorities Law or any similar work or other undertaking of the federal government.
(5)  "Public body" means a municipality or municipal corporation, county, commission, district, authority, or other subdivision or public body of the state.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.004. Powers of Public Body Relating to Housing Projects

Sec. 393.004.  POWERS OF PUBLIC BODY RELATING TO HOUSING PROJECTS.  To aid and cooperate in the planning, undertaking, construction, or operation of a housing project located within its jurisdiction, a public body may, on terms established by the public body:
(1)  dedicate, sell, convey, or lease any of its property to a housing authority or to the federal government;
(2)  provide that parks, playgrounds, other recreational facilities, community facilities, educational facilities, water facilities, sewer facilities, or drainage facilities, or other works that it has the power to undertake, be furnished adjacent to or in connection with a housing project;
(3)  furnish, dedicate, close, pave, install, grade, or plan streets, roads, alleys, sidewalks, or other places that it has the power to undertake;
(4)  plan or zone any part of the public body and, in the case of a municipality, change its map;
(5)  make exceptions to building regulations or ordinances;
(6)  enter agreements for any period with a housing authority or the federal government relating to action to be taken by the public body under the powers granted by this chapter;
(7)  enter agreements relating to the exercise of power by the public body relating to the repair, elimination, or closing of unsafe, unsanitary, or unfit dwellings;
(8)  provide for the furnishing of services to a housing authority of the type the public body has power to furnish;
(9)  purchase or invest in bonds issued by a housing authority;
(10)  exercise the rights of a bondholder in relation to any bonds purchased under Subdivision (9);  or
(11)  take other action necessary or convenient to aid and cooperate in the planning, undertaking, construction, or operation of a housing project.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.005. Restriction on Certain Housing Project Changes

Sec. 393.005.  RESTRICTION ON CERTAIN HOUSING PROJECT CHANGES.  A public body may not require changes to be made with respect to a housing project that a housing authority has acquired or taken over from the federal government and that the housing authority by resolution has found and declared to have been constructed in a manner that promotes the public interest and affords the necessary safety, sanitation, and other protection.  The public body may not require changes to be made in the manner of the construction of the project and may not take other action relating to that construction.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.006. Payment of Expenses; Conveyance Powers

Sec. 393.006.  PAYMENT OF EXPENSES;  CONVEYANCE POWERS.  (a)  A public body may incur the entire expense of any public improvement made by the public body in exercising powers under this chapter.
(b)  A public body may sell, convey, lease, or make an agreement under this chapter without appraisal, public notice, advertisement, or public bidding.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.007. Payment Contracts

Sec. 393.007.  PAYMENT CONTRACTS.  (a)  In connection with a housing project located wholly or partly within its jurisdiction, a public body may contract with a housing authority or with the federal government relating to any amounts that the housing authority or the federal government agrees to pay to the public body during the contract period for the improvements, services, and facilities furnished by the public body for the benefit of the housing project.  The amount of those payments may not exceed the estimated cost to the public body of the improvements, services, or facilities.
(b)  The absence of a contract for those payments does not relieve the public body from the duty to furnish for the benefit of the housing project the customary improvements and any services and facilities that the public body usually furnishes without a service fee.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.008. Loans to Housing Authority

Sec. 393.008.  LOANS TO HOUSING AUTHORITY.  (a)  When a housing authority that is created for a municipality becomes operative, the governing body of the municipality shall immediately estimate the amount necessary for the administrative expenses and overhead of the housing authority during its first year of operation.  The governing body shall appropriate that amount to the authority from money in the municipal treasury that is not appropriated for other purposes.  The governing body shall pay that amount to the housing authority as a loan.
(b)  Any municipality located wholly or partly within the area of operation of a housing authority may lend or agree to lend money to the housing authority at any time.
(c)  The housing authority shall repay loans made to it under this section when it has money available for repayment.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.009. Powers Authorized by Resolution

Sec. 393.009.  POWERS AUTHORIZED BY RESOLUTION.  (a)  The exercise by a public body of the powers granted under this chapter may be authorized by a resolution of its governing body adopted by a majority of the members of the governing body who are present at a meeting.  The resolution may be adopted at the meeting at which it is introduced, and the resolution takes effect immediately.  However, the exercise of the powers is subject to the conditions prescribed by Section 393.010.
(b)  The resolution is not required to be laid over, published, or posted.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 393 - Housing Cooperation Among Municipalities, Counties, and Certain Other Local Governments › Section 393.010. Notice of Proposed Action; Petition; Election

Sec. 393.010.  NOTICE OF PROPOSED ACTION;  PETITION;  ELECTION.  (a)  An action authorized by this chapter may not be consummated until the governing body of the public body gives notice of its intention to enter into a cooperation agreement with a housing authority.  A copy of the notice must be published at least twice in the officially designated newspaper, if any, of the public body.  The notice must state that at the expiration of 60 days the governing body will consider the question of whether to enter into a cooperation agreement.
(b)  If, during the 60-day period, a petition signed by at least 2,000 of the qualified voters of the public body or by at least five percent of the qualified voters of the public body is presented to the governing body requesting that an election be held on the question, and if the petition is determined to have been signed by the requisite number of qualified voters, the governing body shall order an election to be held in the public body on the question.  Two weeks' notice of the election must be given in the manner required by law for elections on the question of issuing tax-supported bonds.  If a majority of the votes received in the election favor the cooperation agreement, the governing body shall execute the agreement.
(c)  The governing body may also order such an election on its own motion.  If a majority of the votes received in the election favor the cooperation agreement, the governing body may execute the agreement.
(d)  If the governing body fails or refuses to give notice of its intention to enter a cooperation agreement with a housing authority or fails or refuses to submit the question to an election as provided by Subsection (c), then, on filing of a petition demanding an election and signed by at least 2,000 of the qualified voters of the public body or by at least five percent of the qualified voters of the public body, the governing body shall order an election to be held in the public body for the purpose of submitting a proposition for the approval of the cooperation agreement.  If a majority of the votes received in the election favor the cooperation agreement, the governing body may execute the cooperation agreement.
(e)  The laws relating to elections for the issuance of municipal or county bonds as prescribed by Chapter 1251, Government Code, apply to an election covered by this section unless those laws are inconsistent with this section or are superseded by the Election Code.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.343, eff. Sept. 1, 2001.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter A. General Provisions › Section 394.001. Short Title

Sec. 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.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter A. General Provisions › Section 394.002. Purpose; Legislative Findings

Sec. 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, and sanitary housing at affordable prices for residents of local governments.
(b)  The legislature finds that residential ownership and development:
(1)  promotes the public health, safety, morals, and welfare;
(2)  relieves conditions of unemployment and encourages the increase of industry, commercial activity, and other economic development to reduce the adverse effects of unemployment;
(3)  provides for efficient and well-planned urban growth and development, including the elimination and prevention of potential urban blight and the proper coordination of industrial facilities with public services, mass transportation, and residential development;
(4)  assists persons of low and moderate income to acquire and own decent, safe, sanitary, and affordable housing;  and
(5)  preserves and increases the ad valorem tax bases of local governments.
(c)  The legislature finds that the accomplishment of the results described by Subsection (b) is a public purpose and function and lessens the burdens of government.  The legislature further finds that:
(1)  the creation of a housing finance corporation is for the benefit of the people of the state, improves the public health and welfare, and promotes the economy;
(2)  those purposes are public purposes;  and
(3)  the corporation, as a public instrumentality and nonprofit corporation, performs an essential governmental function on behalf of and for the benefit of the general public, the local government, and this state.
(d)  It is the intent of the legislature to authorize local governments to create and use public nonprofit corporations to issue obligations to accomplish the results described by Subsection (b).
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter A. General Provisions › Section 394.004. Application of Chapter to Certain Residential Developments

Sec. 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 persons of low and moderate income whose adjusted gross income, together with the adjusted gross income of all persons who intend to reside with those persons in one dwelling unit, did not for the preceding tax year exceed the maximum amount constituting moderate income under the housing finance corporation's rules, resolutions relating to the issuance of bonds, or financing documents relating to the issuance of bonds.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter A. General Provisions › Section 394.005. Application of Chapter to Property in Certain Municipalities

Sec. 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 relating to the issuance of bonds, or financing documents relating to the issuance of bonds, unless the governing body of the municipality approves the application of the chapter to that property.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter B. Incorporation of Housing Finance Corporations › Section 394.011. Application for Incorporation

Sec. 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 body by at least three residents of the local government who are citizens of this state and at least 18 years of age.
(b)  If the governing body by resolution determines that the formation of the housing finance corporation is wise, expedient, necessary, or advisable and approves the form of the proposed articles of incorporation of the corporation, the articles may be filed as provided by this chapter.  A corporation may not be formed unless the application is filed with the governing body and the governing body adopts the resolution.
(c)  The approval of the articles of incorporation of one housing finance corporation does not preclude the approval by the governing body of the articles of incorporation of additional corporations that have names or designations sufficient to distinguish them from previously created corporations.  The governing body may not permit the incorporation on its behalf of more than one corporation that has the power to make or acquire home mortgages, or to make loans to lending institutions, the proceeds of which are to be used to make home mortgages or to make loans on residential developments.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter B. Incorporation of Housing Finance Corporations › Section 394.013. Incorporators

Sec. 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 by signing, verifying, and delivering in duplicate to the secretary of state the articles of incorporation for the corporation.  An incorporator may be a member of the governing body, an officer, or an employee of the local government.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter B. Incorporation of Housing Finance Corporations › Section 394.014. Articles of Incorporation

Sec. 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 a public, nonprofit corporation;
(3)  the period of duration, which may be perpetual;
(4)  a statement that the corporation is organized solely to carry out the purposes of this chapter;
(5)  a statement that the corporation is to have no members;
(6)  any provision not inconsistent with law, including any provision required or permitted under this chapter to be included in the bylaws, for the regulation of the internal affairs of the corporation;
(7)  the street address of the corporation's initial registered office, which must be located in the local government, and the name of its initial registered agent at that address;
(8)  the number of directors constituting the initial board of directors and the names and addresses of those directors, with a statement that each of them resides in the local government;
(9)  the name and street address of each incorporator with a statement that each of them resides in the local government;  and
(10)  a statement that a resolution approving the form of the articles of incorporation has been adopted by the governing body of the local government and the date of the adoption of the resolution.
(b)  A housing finance corporation may exercise any power prescribed by this chapter regardless of whether the power is stated in its articles of incorporation.  The articles may prohibit the exercise of any power prescribed by this chapter.
(c)  Unless the articles of incorporation provide that a change in the number of directors may be made only by amendment to the articles, a change in the number of directors may be made by an amendment to the bylaws.  In all other cases if a provision of the articles is inconsistent with the bylaws, the articles provision controls.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter B. Incorporation of Housing Finance Corporations › Section 394.017. Filing of Articles of Amendment; Issuance of Certificate of Amendment

Sec. 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 of amendment conform to law, the secretary shall, when a $25 fee is paid:
(1)  endorse on each duplicate original the word "Filed" and the date of the filing;
(2)  file one of the duplicate originals in the office of the secretary of state;  and
(3)  issue a certificate of amendment, to which the secretary shall affix the other duplicate original.
(b)  The secretary of state shall deliver the certificate of amendment, with the affixed duplicate original, to the housing finance corporation or its representative.
(c)  On the issuance of the certificate of amendment, the amendment takes effect and the articles of incorporation are amended accordingly.
(d)  An amendment does not affect an existing cause of action or any pending action to which the housing finance corporation is a party, or the existing rights of persons other than members.  If the amendment changes the housing finance corporation's name, the change does not abate a suit brought by or against the corporation under its former name.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.021. Board of Directors

Sec. 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 of any number of directors, all of whom must be residents of the local government.  A director may be a member of the governing body, an officer, or an employee of the local government.
(b)  Members of the initial board of directors hold office for the period specified in the articles of incorporation.  After the initial directors, the governing body of the local government shall appoint directors in the manner and for the terms provided by the articles of incorporation or the bylaws.  Directors may be divided into classes, and the terms of office of the various classes may differ.
(c)  Each director shall hold office for the term for which the director is elected or appointed and until the director's successor is elected or appointed and has qualified.  A director may be removed from office under any removal procedure provided by the articles of incorporation or the bylaws.  The governing body shall fill any vacancy in the board of directors by appointment in the manner provided by the articles of incorporation or the bylaws.
(d)  A majority of the directors constitutes a quorum.  The directors may take action by a majority vote when a quorum is present.  Board meetings may be held inside or outside this state.  A regular meeting may be held with or without notice as provided by the bylaws.  A special meeting may be held on notice as provided by the bylaws.
(e)  The officers of a housing finance corporation consist of a president, one or more vice-presidents, a secretary, a treasurer, and other officers and assistant officers as considered necessary.  Each officer shall be elected or appointed in the manner and for the term provided by the articles of incorporation or the bylaws.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.022. Organizational Meeting

Sec. 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 of the incorporators, shall hold an organizational meeting to adopt bylaws, elect officers, and consider other issues that come before the meeting.  The meeting may be held inside or outside this state.
(b)  The incorporators who call the meeting must give at least three days' notice of the meeting to each director by mailing to the director a notice that states the time and place of the meeting.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.023. Disposition of Corporate Earnings

Sec. 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 officers of the corporation or any person except as reasonable compensation for services rendered to the corporation.
(b)  If the board of directors determines that sufficient provision has been made for full payment of the expenses, bonds, and other obligations of the corporation, any net corporate earnings accruing after the determination shall be paid to the local government.  The local government shall use amounts received under this subsection only to provide for the housing needs of individuals and families of low and moderate incomes, including single-family units and mixed income multifamily projects found by the local government to serve the interests of low and moderate income individuals and families if the single-family and multifamily projects have as a major purpose the provision of safe, sanitary, and decent housing for individuals and families of low income.
(c)  This section does not prohibit the board of directors from transferring corporate property as provided by a contract made by the corporation.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1995, 74th Leg., ch. 951, Sec. 7, eff. June 16, 1995.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.024. Registered Office and Agent

Sec. 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 Civil Statutes).  The corporation may change its registered office or agent as provided by Article 2.06 of that Act.  Process may be served on the corporation as provided by Article 2.07 of that Act.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.025. Corporate Books and Records

Sec. 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 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.026. Dissolution of Corporation

Sec. 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 that all bonds issued by and all obligations incurred by the corporation have been fully paid, the directors shall execute a certificate of dissolution stating those facts and declaring that the corporation is dissolved.  The directors shall file the certificate for recording in the office of the secretary of state.  The directors shall execute the certificate under the corporation's seal.
(b)  On the filing of the certificate of dissolution, the corporation is dissolved.  The title to all funds and property owned by the corporation at the time of dissolution vests in the local government to be used exclusively by the local government to provide for the housing needs of individuals and families of low and moderate incomes, including single-family units and mixed income multifamily projects found by the local government to serve the interests of low and moderate income individuals and families if the single-family and multifamily projects have as a major purpose the provision of safe, sanitary, and decent housing for individuals and families of low income.  The funds and property shall be promptly delivered to the local government.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1995, 74th Leg., ch. 951, Sec. 8, eff. June 16, 1995.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter C. Corporate Administration and Operation › Section 394.027. Annual Report

Sec. 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 accordance with this section.  The department by rule shall prescribe the form of the report.
(b)  The report must include for each single-family home mortgage loan made by the housing finance corporation during the preceding 12 months ending June 30 of the year the report is filed, the data reported by originating lenders under the Federal Home Mortgage Disclosure Act.
(c)  The report must include for persons residing in multifamily housing units financed by the housing finance corporation information similar to the geographic and demographic information contained in the Texas Department of Housing and Community Affairs compliance monitoring form and tenant income certification, including household size, total household income, and project location.
Added by Acts 1995, 74th Leg., ch. 951, Sec. 9, eff. June 16, 1995.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter D. Corporate Powers › Section 394.031. Exercise of Powers

Sec. 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 exercise other powers necessary or appropriate to carry out the purposes for which the corporation is organized.
(b)  A housing finance corporation may exercise powers under this chapter by resolution of the board of directors.  The resolution takes effect immediately on adoption.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter D. Corporate Powers › Section 394.032. General Powers

Sec. 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)  incur liabilities;
(3)  borrow money at rates determined by the corporation;
(4)  issue notes, bonds, and other obligations;  and
(5)  secure any of its obligations by the mortgage or pledge of all or part of the corporation's property, franchises, and income.
(b)  A housing finance corporation may plan, research, study, develop, and promote the establishment of residential development.
(c)  A housing finance corporation may make donations for the public welfare or for charitable, scientific, or educational purposes.
(d)  A housing finance corporation may enter into contracts to perform services for any other housing finance corporation or any individual or entity acting on behalf of any other housing finance corporation or, with respect to residential development, any housing authority, nonprofit enterprise, or similar entity.
(e)  A housing finance corporation may delegate to the Texas Department of Housing and Community Affairs the authority to act on its behalf in the financing, refinancing, acquisition, leasing, ownership, improvement, and disposal of home mortgages or residential developments, within and outside the jurisdiction of the housing finance corporation, including its authority to issue bonds for those purposes.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1989, 71st Leg., ch. 258, Sec. 1, eff. Aug. 28, 1989;  Acts 1997, 75th Leg., ch. 1420, Sec. 11, eff. June 20, 1997.
2023 Texas Statutes › Local Government Code › Title 12 - Planning and Development › Subtitle C - Planning and Development Provisions Applying to More Than One Type of Local Government › Chapter 394 - Housing Finance Corporations in Municipalities and Counties › Subchapter D. Corporate Powers › Section 394.033. Corporate Name; Duration; Seal

Sec. 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 incorporation, and may sue and be sued, and complain and defend, under its corporate name.
(b)  A housing finance corporation may have a corporate seal, which may be altered at will, and may use the seal by causing it, or a facsimile of it, to be impressed on, affixed to, or otherwise reproduced on any instrument required to be executed by the corporation's officers.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.