Sec. 2306.270. REGULATION OF RETIREMENT OF CAPITAL INVESTMENT OR REDEMPTION OF STOCK. The department shall regulate the retirement of a capital investment or the redemption of stock of a limited profit housing sponsor if the retirement or redemption, when added to a dividend or other distribution, exceeds in any one fiscal year the permitted percentage, as allowed by the department, of the original face amount of the limited profit housing sponsor's investment or equity in a housing development.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1997, 75th Leg., ch. 980, Sec. 38, eff. Sept. 1, 1997.
Structure Texas Statutes
Subtitle G - Economic Development Programs Involving Both State and Local Governments
Chapter 2306 - Texas Department of Housing and Community Affairs
Subchapter L. Housing Finance Division: Regulation of Housing Sponsors
Section 2306.261. Supervising Housing Sponsors
Section 2306.262. Uniform Systems of Accounts and Records
Section 2306.2631. Reports by Sponsors of Certain Multifamily Housing Developments
Section 2306.264. Inspections and Examinations
Section 2306.265. Operation, Maintenance, and Repair
Section 2306.266. Fees Relating to Regulation
Section 2306.267. Compliance With Applicable Laws, Rules, and Contract Terms
Section 2306.268. Rents and Charges
Section 2306.269. Tenant and Manager Selection
Section 2306.270. Regulation of Retirement of Capital Investment or Redemption of Stock
Section 2306.271. Cost Controls
Section 2306.272. Housing Sponsor Investments
Section 2306.273. Limitation on Application of Certain Provisions of Subchapter