Texas Statutes
Subchapter Y. Texas State Affordable Housing Corporation
Section 2306.5671. Compliance With Terms of Certain Contracts or Agreements

Sec. 2306.5671. COMPLIANCE WITH TERMS OF CERTAIN CONTRACTS OR AGREEMENTS. A compliance contract or agreement between the corporation and a housing sponsor that receives bond financing by or through the corporation for the purpose of providing affordable multifamily housing must contain a provision stating that if the housing sponsor fails to comply with the terms of the contract or agreement, the corporation may, at a minimum and as appropriate:
(1) assess penalties;
(2) remove the manager of the affected property and select a new manager;
(3) withdraw reserve funds to make needed repairs and replacements to the property; or
(4) appoint the corporation as a receiver to protect and operate the property.
Added by Acts 2011, 82nd Leg., R.S., Ch. 291 (H.B. 1818), Sec. 8, eff. September 1, 2011.

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