| (39) Development Owner (also referred to as "Owner")--Any
Person, General Partner, or Affiliate of a Person who owns or proposes
a Development or expects to acquire Control of a Development under
a purchase contract or ground lease approved by the Department and
is responsible for performing under the allocation or Commitment with
the Department. (§2306.6702(a)(7)).
(40) Development Site--The area or, if more than one
tract (which may be deemed by the Internal Revenue Service or the
Department to be a scattered site), areas on which the Development
is proposed and to be encumbered by a LURA, including access to that
area or areas through ingress and egress easements.
(41) Development Team--All Persons and Affiliates thereof
that play a role in the development, construction, rehabilitation,
management, or continuing operation of the Development, including
any Development Consultant and Guarantor.
(42) Direct Loan--Funds provided through the HOME Program,
Neighborhood Stabilization Program (NSP), National Housing Trust Fund
(NHTF), HOME American Rescue Plan (HOME-ARP), Tax Credit Assistance
Program Repayment Funds (TCAP RF), Texas Housing Trust Fund (THTF),
or other programs available through the Department for multifamily
development. The terms and conditions for Direct Loans will be determined
by provisions in Chapter 13 of this title (relating to Multifamily
Direct Loan Rule), the NOFA under which they are awarded, the Contract,
and the loan documents. The tax-exempt bond program is specifically
excluded.
(43) Educational Provider-- A school district; open-enrollment
charter school; or Education Service Center. Private schools and private
childcare providers, whether nonprofit or for profit, are not eligible
parties, unless the private school or private childcare provider has
entered into a partnership with a school district or open-enrollment
charter school to provide a HQ Pre-K program in accordance with Texas
Education Code Chapter 29, Subchapter E-1.
(44) Economically Distressed Area--An area that is
in a census tract that has a median household income that is 75% or
less of the statewide median household income and in a municipality
or, if not within a municipality, in a county that has been awarded
funds under the Economically Distressed Areas Program administered
by the Texas Water Development Board. Notwithstanding all other requirements,
for funds awarded to another type of political subdivision (e.g.,
a water district), the Development Site must be within the jurisdiction
of the political subdivision.
(45) Effective Gross Income (EGI)--As provided for
in §11.302(d)(1)(D) of this chapter (relating to Operating Feasibility).
The sum total of all sources of anticipated or actual income for a
rental Development, less vacancy and collection loss, leasing concessions,
and rental income from employee-occupied units that is not anticipated
to be charged or collected.
(46) Efficiency Unit--A Unit without a separately enclosed
Bedroom.
(47) Elderly Development--A Development that either
meets the requirements of the Housing for Older Persons Act (HOPA)
under the Fair Housing Act, or a Development that receives federal
funding that has a requirement for a preference or limitation for
elderly persons or households, but must accept qualified households
with children.
(48) Eligible Hard Costs--Hard Costs includable in
Eligible Basis for the purposes of determining a Housing Credit Allocation.
(49) Environmental Site Assessment (ESA)--An environmental
report that conforms to the Standard Practice for Environmental Site
Assessments: Phase I Assessment Process (ASTM Standard Designation:
E 1527) and conducted in accordance with §11.305 of this chapter
(relating to Environmental Site Assessment Rules and Guidelines) as
it relates to a specific Development.
(50) Existing Residential Development--Any Development
Site which contains any type of existing residential dwelling at any
time as of the beginning of the Application Acceptance Period.
(51) Extended Use Period--With respect to an HTC building,
the period beginning on the first day of the Compliance Period and
ending the later of:
(A) The date specified in the LURA; or
(B) The date which is 15 years after the close of the
Compliance Period.
(52) First Lien Lender--A lender whose lien has first
priority as a matter of law or by operation of a subordination agreement
or other intercreditor agreement.
(53) Forward Commitment--the issuance of a Commitment
of Housing Tax Credits from the State Housing Credit Ceiling for the
calendar year following the year of issuance, made subject to the
availability of State Housing Credit Ceiling in the calendar year
for which the Commitment has been made.
(54) General Contractor (including "Contractor")--One
who contracts to perform the construction or rehabilitation of an
entire Development, rather than a portion of the work. The General
Contractor hires subcontractors, such as plumbing contractors, electrical
contractors, etc., coordinates all work, and is responsible for payment
to the subcontractors. A prime subcontractor will also be treated
as a General Contractor, and any fees payable to the prime subcontractor
will be treated as fees to the General Contractor, in the scenarios
described in subparagraphs (A) or (B) of this paragraph:
(A) Any subcontractor, material supplier, or equipment
leasor receiving more than 50% of the contract sum in the construction
contract will be deemed a prime subcontractor; or
(B) If more than 75% of the contract sum in the construction
contract is subcontracted to three or fewer subcontractors, material
suppliers, and equipment leasors, such parties will be deemed prime
subcontractors.
(55) General Partner--Any person or entity identified
as a general partner in a certificate of formation for the partnership
or is later admitted to an existing partnership as a general partner
that is the Development Owner and that Controls the partnership. Where
a limited liability corporation is the legal structure employed rather
than a limited partnership, the manager or managing member of that
limited liability corporation is deemed, for the purposes of these
rules, to be the functional equivalent of a general partner.
(56) Governing Body--The elected or appointed body
of public or tribal officials responsible for the enactment, implementation,
and enforcement of local rules and the implementation and enforcement
of applicable laws for its respective jurisdiction.
(57) Governmental Entity--Includes federal, state or
local agencies, departments, boards, bureaus, commissions, authorities,
and political subdivisions, special districts, tribal governments,
and other similar entities.
(58) Gross Capture Rate--Calculated as the Relevant
Supply divided by the Gross Demand, and as described in §11.302(i)(1)
of this chapter (relating to Feasibility Conclusion).
(59) Gross Demand--The sum of Potential Demand from
the Primary Market Area (PMA) and demand from other sources, as described
in §11.303(d)(9)(E)(ii) of this chapter (relating to Market Analysis
Rules and Guidelines).
(60) Gross Program Rent--Maximum rent limits based
upon the tables promulgated by the Department's division responsible
for compliance, which are developed by program and by county or Metropolitan
Statistical Area (MSA) or Primary Metropolitan Statistical Area (PMSA)
or national non-metro area.
(61) Guarantor--Any Person that provides, or is anticipated
to provide, a guaranty for all or a portion of the equity or debt
financing for the Development.
(62) Hard Costs--The sum total of Building Costs, Site
Work costs, Off-Site Construction costs, and contingency.
(63) Historically Underutilized Businesses (HUB)--An
entity that is certified as such under and in accordance with Tex.
Gov't Code, Chapter 2161.
(64) HOME Match Eligible Unit--A Unit in the Development
that may or may not be assisted with HOME Program funds, but would
qualify as eligible for Match under 24 CFR Part 92 and CPD Notice
97-03 or subsequent HUD guidance.
(65) Housing Contract System (HCS)--The electronic
information system established by the Department for tracking, funding,
and reporting Department Contracts and Developments. The HCS is primarily
used for Direct Loan Programs administered by the Department.
(66) Housing Credit Allocation--An allocation of Housing
Tax Credits by the Department to a Development Owner as provided for
in Code.
(67) Housing Credit Allocation Amount--With respect
to a Development or a building within a Development, the amount of
Housing Tax Credits the Department and the Board, if applicable, determines
to be necessary for the financial feasibility of the Development and
its viability as a Development throughout the Affordability Period.
(68) HTC Development (also referred to as HTC Property)--A
Development subject to an active LURA for Housing Tax Credits allocated
by the Department.
Cont'd... |
