Southeast Texas Housing Finance Corporation was created as a public nonprofit corporation whose authority includes the issuance of revenue notes and bonds for providing financing for multifamily rental residential developments intended to be occupied substantially (at least 90 percent) by persons of low and moderate income.

Developments may be located in the Counties of Austin, Brazoria, Chambers, Galveston (excluding the City of Galveston), Liberty, Matagorda, Walker, Waller, and Wharton, Texas and the Cities of Baytown, Deer Park, Dickinson, LaMarque, LaPorte, League City, Pasadena, Santa Fe, Shoreacres, Texas City, and Tomball, Texas.