Texas § 2306.5671 COMPLIANCE WITH TERMS OF CERTAIN CONTRACTS OR AGREEMENTS.

Texas Statutes

§ 2306.5671 — COMPLIANCE WITH TERMS OF CERTAIN CONTRACTS OR AGREEMENTS.

Texas § 2306.5671

Code GVGovernment Code

This text of Texas § 2306.5671 (COMPLIANCE WITH TERMS OF CERTAIN CONTRACTS OR AGREEMENTS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 2306.5671 (2026).

Text

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.

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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.