Tex. Local Gov't Code Section 392.004
Operation Not for Profit

It is the policy of the state that a housing authority manage and operate its housing projects in an efficient manner to enable it to set rentals at the lowest possible rates consistent with providing decent, safe, and sanitary housing and that a housing authority may not construct or operate a project for profit or as a source of revenue to a municipality or county. For this purpose, an authority shall set rentals at a rate not higher than the rate necessary, together with other available money, revenue, income, and receipts, to produce revenue that is sufficient to:

(1)

pay the principal and interest as it becomes due on bonds of the authority;

(2)

meet the cost of and provide for maintaining and operating the projects, including insurance;

(3)

pay the administrative expenses of the authority;

(4)

create, to the extent determined necessary and advisable by the authority, a reserve for the bonds and to maintain the reserve; and

(5)

create, to the extent determined necessary and advisable by the authority, a capital and improvements fund to be used by the authority to accomplish the public purposes of this chapter.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 677, Sec. 8, eff. Aug. 28, 1989.

Source: Section 392.004 — Operation Not for Profit, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­392.­htm#392.­004 (accessed Jun. 5, 2024).

392.001
Short Title 392.002
Definitions 392.003
Legislative Findings 392.004
Operation Not for Profit 392.005
Tax Exemption 392.006
Unit of Government 392.011
Creation of a Municipal Housing Authority 392.012
Creation of a County Housing Authority 392.013
Creation of a Regional Housing Authority 392.014
Area of Operation of a Municipal Housing Authority 392.015
Area of Operation of a County Housing Authority 392.016
Area of Operation of a Regional Housing Authority 392.017
Operation of Housing Authority in Other Political Subdivisions 392.018
Expansion of the Area of Operation of a Regional Housing Authority 392.019
Effect of Cooperation Agreement on Area of Operation of Housing Authority 392.031
Appointment of Commissioners of a Municipal Housing Authority 392.032
Appointment of Commissioners of a County Housing Authority 392.033
Appointment of Commissioners of a Regional Housing Authority 392.034
Terms of Office of Commissioners 392.035
Compensation 392.036
Vote Required for Action 392.037
Chairman and Vice-chairman of a Municipal or County Housing Authority 392.038
Other Officers and Employees of a Municipal or County Housing Authority 392.039
Officers and Employees of a Regional Housing Authority 392.040
Legal Services 392.041
Removal of a Commissioner 392.042
Interested Commissioners 392.043
Interested Employees 392.051
General Powers 392.052
Operation, Construction, and Leasing of Housing Projects 392.053
Public Meeting on Proposed Housing Project 392.054
Notice of Public Meeting 392.055
Rentals and Tenant Selection 392.056
Acquisition, Use, and Disposition of Real and Personal Property 392.057
Investment of Funds 392.058
Research and Investigation 392.059
Cooperation with Other Governmental Entities or Housing Authorities 392.060
Hearings 392.061
Eminent Domain 392.062
Reports 392.063
Projects for Farmers of Low Income 392.064
Corporate Name of Regional Housing Authority 392.065
Miscellaneous Powers 392.066
Public Facility Corporation 392.067
Veterans Housing in Certain Counties 392.081
Authority to Issue Bonds 392.082
Form of Bonds 392.083
Sale of Bonds 392.084
Negotiability of Bonds 392.085
Liability on Bonds and Other Obligations 392.086
Tax Exemption 392.087
Pledges, Mortgages, and Covenants to Secure Bonds or Lease Obligations 392.088
Certification of Attorney General 392.089
Purchase of Bonds by Authority 392.090
Covenant of Regional Housing Authority Regarding Area of Operation 392.101
Remedies of an Obligee of the Authority 392.102
Optional Remedies of an Obligee 392.103
Exemption of Property from Execution Sale 392.104
Effect of Certain Provisions on Obligee Rights Conferred by Authority 392.0131
Merger of Certain County Housing Authorities into Municipal Housing Authorities 392.0161
Area of Operation of a Merged Housing Authority 392.0162
Area of Operation of Certain Municipal Housing Authorities 392.0331
Appointment of Tenant Representative or Certain Other Recipients of Housing Assistance as Commissioner of Municipal, County, or Regional Housing Authority 392.0525
Letter of Credit Accepted in Lieu of Payment and Performance Bonds 392.0555
Pet Ownership Policy 392.0565
Purchases Made Under Federal Procurement Program 392.0831
Payment for Bonds
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 392.004’s source at texas​.gov