Texas Local Government Code 394.004 – Application of Chapter to Certain Residential Developments
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Terms Used In Texas Local Government Code 394.004
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Year: means 12 consecutive months. See Texas Government Code 311.005
This chapter applies only to a residential development at least 90 percent of which is for use by or is intended to be occupied by persons of low and moderate income whose adjusted gross income, together with the adjusted gross income of all persons who intend to reside with those persons in one dwelling unit, did not for the preceding tax year exceed the maximum amount constituting moderate income under the housing finance corporation‘s rules, resolutions relating to the issuance of bonds, or financing documents relating to the issuance of bonds.