The Corporation is organized as a public non profit joint housing finance corporation on behalf of the City of Harlingen, Texas and the City of San Benito, Texas (the “sponsoring local governments”) subject to the control and supervision of the City Commission of the City of Harlingen and the City Council of the City of San Benito (the “governing bodies”), under and pursuant to and to effect and carry out the purposes and powers set forth in the Texas Housing Finance Corporation Act (the “Act”).

The Board of Directors shall consist of (6) directors, each of whom shall be at least 18 years of and a resident of one of the sponsoring local governments, five of whom shall be appointed by a majority vote of the governing body of the City of Harlingen, and one of whom shall be appointed by a majority vote of the governing body of the City of San Benito.  Any director may be removed from office, with or without cause, by a majority vote of the appointing governing body.  Directors shall be appointed for terms of 6 years and shall serve until their successors are appointed.”