TX SB2258

Defines "low income" as individuals or families earning no more than 60% of the area or statewide median income, and "moderate income" as those earning no more than 80% of the area or statewide median income, adjusted for family size per HUD standards

Restricts housing finance corporations to operating only within their sponsoring jurisdiction: municipal boundaries for city-sponsored corporations, unincorporated areas for county-sponsored corporations, or combined areas for jointly-sponsored corporations

Allows housing finance corporations to operate outside their designated area only with approval from both their sponsoring government and the governing bodies of each municipality or county where they propose to operate, plus approval from any existing housing finance corporation already operating in that area

Limits tax and fee exemptions for housing finance corporations to properties located within their authorized operating area, unless the exemption is specifically approved by each applicable governing body in outside areas

Applies new geographic restrictions and tax exemption limitations only to powers exercised and residential developments acquired or built after the act's effective date, with existing operations governed by prior law