Tex. Local Gov't Code Section 394.042
Disposal of Residential Developments or Home Mortgages

(a)

A housing finance corporation may sell and convey any residential development or home mortgage, including a sale and conveyance subject to a mortgage, pledge, or security interest, as provided in the resolution relating to the issuance of bonds and for the prices and at the times determined by the board of directors.

(b)

The corporation may rent, lease, sell, or otherwise dispose of any residential development or home mortgages in whole or in part, or lend sufficient funds to any person to defray in whole or in part the development costs of any residential development or the costs of purchasing home mortgages, so that the rent or other revenue derived from the residential development or home mortgages, combined with any insurance proceeds, reserve accounts, and earnings on those accounts, is designed to produce revenues and receipts at least sufficient to provide for the prompt payment on maturity of principal, interest, and any redemption premiums on bonds issued to finance those costs.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Source: Section 394.042 — Disposal of Residential Developments or Home Mortgages, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­394.­htm#394.­042 (accessed Jun. 5, 2024).

394.001
Short Title 394.002
Purpose 394.003
Definitions 394.004
Application of Chapter to Certain Residential Developments 394.005
Application of Chapter to Property in Certain Municipalities 394.011
Application for Incorporation 394.012
Application for Incorporation Of, and Other Special Provisions For, Joint Corporation 394.013
Incorporators 394.014
Articles of Incorporation 394.015
Filing of Articles of Incorporation 394.016
Amendment of Articles of Incorporation 394.017
Filing of Articles of Amendment 394.021
Board of Directors 394.022
Organizational Meeting 394.023
Disposition of Corporate Earnings 394.024
Registered Office and Agent 394.025
Corporate Books and Records 394.026
Dissolution of Corporation 394.027
Annual Report 394.031
Exercise of Powers 394.032
General Powers 394.033
Corporate Name 394.034
Officers 394.035
Bylaws 394.036
Acceptance of Financial Assistance 394.037
Bonds 394.038
Acquisition of Shares or Obligations 394.039
Specific Powers Relating to Financial and Property Transactions 394.040
Transactions with Lending Institutions 394.041
Standards for Mortgages or Loans 394.042
Disposal of Residential Developments or Home Mortgages 394.051
Bonds 394.052
Bond Covenants 394.053
Validity of Bonds 394.054
Security for Bonds 394.055
Liability for Bonds and Contracts 394.056
Bond as Security 394.057
Bond as Authorized Investment or as Security for Deposit 394.901
Designation of Area as Economically Depressed or Blighted 394.902
Housing for Elderly 394.903
Location of Residential Development 394.904
Exemption from Requirements and Restrictions Applying to Public Property 394.905
Exemption from Taxation 394.906
Conditions Under Which Federal Guarantee or Home Mortgage Insurance Not Required 394.907
Corporation Powers Not Restricted 394.9025
Multifamily Residential Development
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 394.042’s source at texas​.gov