Tex. Gov't Code § 2306.5671

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 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.

Tex. Gov't. Code § 2306.5671

Added by Acts 2011, 82nd Leg., R.S., Ch. 291, Sec. 8, eff. 9/1/2011.