Sec. 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 corporation if at least 50 percent of the units in the multifamily residential development are reserved for occupancy by individuals and families earning less than 80 percent of the area median family income.
(b) Following a public hearing by the governing body of the local government, a housing finance corporation may issue bonds to finance a multifamily residential development to be owned by the housing finance corporation in accordance with Section 394.004 if the housing finance corporation receives approval of the governing body of the local government.
Added by Acts 2001, 77th Leg., ch. 1493, Sec. 3, eff. Aug. 31, 2002.
Structure Texas Statutes
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 Z. Miscellaneous Provisions
Section 394.901. Designation of Area as Economically Depressed or Blighted; Notice
Section 394.902. Housing for Elderly
Section 394.9025. Multifamily Residential Development
Section 394.903. Location of Residential Development; Residential Development Sites
Section 394.904. Exemption From Requirements and Restrictions Applying to Public Property
Section 394.905. Exemption From Taxation
Section 394.906. Conditions Under Which Federal Guarantee or Home Mortgage Insurance Not Required
Section 394.907. Corporation Powers Not Restricted; Police Powers Not Affected