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Creating a public agency of the State of Texas to be known as the Texas Housing Finance Agency, and prescribing its purposes; defining terms; authorizing the agency to issue revenue bonds to provide money for its purposes, including the providing of dwelling accomodations for persons of low income; prescribing the governing Board, organization, functions, operation, powers, and duties of the agency; providing for the payment and security of the agency's bonds; prescribing the characteristics of the agency's bonds; creating a reserve fund for the agency's bonds, to be established with the state treasurer, and to be funded and maintained with bond proceeds or other resources of teh agency; prescribing procedures for restoration of depletions of the reserve fund by appropriations; enacting other provisions relating to the subject; providing for the cumulative effect of the Act; providing a severability clause; and declaring an emergency.