Sec. 2306.802. MULTIFAMILY HOUSING PRESERVATION CLASSES. The department shall establish two classes of priorities of developments to preserve multifamily housing. The classes, in order of descending priority, are:
(1) Class A, which includes any federally subsidized multifamily housing development at risk because the contract granting a federal subsidy with a stipulation to maintain affordability is nearing expiration or because the government-insured mortgage on the property is eligible for prepayment or near the end of its mortgage term; and
(2) Class B, which includes any other multifamily housing development with low income use or rental affordability restrictions.
Added by Acts 2001, 77th Leg., ch. 1367, Sec. 3.05, eff. Sept. 1, 2001.
Structure Texas Statutes
Subtitle G - Economic Development Programs Involving Both State and Local Governments
Chapter 2306 - Texas Department of Housing and Community Affairs
Subchapter HH. Affordable Housing Preservation
Section 2306.802. Multifamily Housing Preservation Classes
Section 2306.803. At-Risk Multifamily Housing: Identification, Prioritization, and Preservation