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Texas Government Code - GOV'T § 2306.5671. Compliance with Terms of Certain Contracts or Agreements

Current as of January 01, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2306.5671. Compliance with Terms of Certain Contracts or Agreements - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2306-5671/

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