(a) A sponsor may create one or more nonmember, nonstock, nonprofit public facility corporations to:
(1) issue bonds under this chapter, including bonds to purchase sponsor obligations;
(2) finance public facilities on behalf of its sponsor; or
(3) loan the proceeds of the obligations to other entities to accomplish the purposes of the sponsor.
(b) A sponsor may use the corporation to:
(1) acquire, construct, rehabilitate, renovate, repair, equip, furnish, or place in service public facilities; or
(2) issue bonds on the sponsor's behalf to finance the costs of the public facilities.
(c) A corporation created under this chapter must remain a public facility corporation under this chapter.
(d) A corporation or a sponsor may finance, own, or operate a multifamily residential development only if:
(1) the corporation or sponsor complies with all applicable provisions of this chapter; and
(2) the development is located:
(A) inside the area of operation of the sponsor, if the sponsor is a housing authority; or
(B) if the sponsor is not a housing authority, inside the boundaries of the sponsor, without regard to whether the sponsor is authorized to own property or provide services outside the boundaries of the sponsor.