Texas Government Code 2306.802 – Multifamily Housing Preservation Classes
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 2306.802
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
The department shall establish two classes of priorities of developments to preserve multifamily housing. The classes, in order of descending priority, are:
(1) Class A, which includes any federally subsidized multifamily housing development at risk because the contract granting a federal subsidy with a stipulation to maintain affordability is nearing expiration or because the government-insured mortgage on the property is eligible for prepayment or near the end of its mortgage term; and
(2) Class B, which includes any other multifamily housing development with low income use or rental affordability restrictions.