Carryover (Competitive HTC Only). All Developments that received
a Commitment, and will not be placed in service and receive IRS Form(s)
8609 in the year the Commitment was issued, must submit the Carryover
documentation, in the form prescribed by the Department in the Carryover
Manual, no later than the Carryover Documentation Delivery Date as
identified in §11.2 of this title (relating to Program Calendar
for Competitive Housing Tax Credits) of the year in which the Commitment
is issued pursuant to §42(h)(1)(C) of the Code.
(1) Commitments for credits will be terminated if the
Carryover documentation has not been received by this deadline, unless
an extension has been approved. This termination is subject to right
of appeal directly to the Board, and if so determined by the Board,
immediately upon final termination by the Board, staff is directed
to award the credits to other qualified Applicants on the approved
waiting list.
(2) If the interim or permanent financing structure,
syndication rate, amount of debt or syndication proceeds are finalized
but different at the time of Carryover from what was proposed in the
original Application, applicable documentation of such changes must
be provided and the Development may be re-evaluated by the Department
for a reduction of credit or change in conditions.
(3) All Carryover Allocations will be contingent upon
the Development Owner providing evidence that they have and will maintain
Site Control through the 10% Test or through the anticipated closing
date, whichever is earlier. For purposes of this paragraph, any changes
to the Development Site acreage between Application and Carryover
must be addressed by written explanation or, as appropriate, in accordance
with §10.405 of this title (relating to Amendments and Extensions).
(4) Confirmation of the right to transact business
in Texas, as evidenced by the Franchise Tax Account Status (the equivalent
of the prior Certificate of Account Status) from the Texas Comptroller
of Public Accounts and a Certificate of Fact from the Office of the
Secretary of State must be submitted with the Carryover Allocation.
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