| (128) Tax-Exempt Bond Process Manual--The manual produced
and amended from time to time by the Department which explains the
process and provides guidance for the filing of a Housing Tax Credit
Application utilizing Tax-Exempt Bonds.
(129) TDHCA Operating Database--Sometimes referred
to as "TDHCA Database." A consolidation of recent actual income and
operating expense information collected through the Department's Annual
Owner Financial Certification process, as required and described in
Chapter 10, Subchapter F of this title (relating to Compliance Monitoring),
and published on the Department's website (www.tdhca.state.tx.us).
(130) Third Party--A Person who is not:
(A) An Applicant, General Partner, Developer, or General
Contractor;
(B) An Affiliate to the Applicant, General Partner,
Developer, or General Contractor;
(C) Anyone receiving any portion of the administration,
contractor, or Developer Fee from the Development; or
(D) In Control with respect to the Development Owner.
(131) Total Housing Development Cost--The sum total
of the acquisition cost, Hard Costs, soft costs, Developer Fee, and
General Contractor fee incurred or to be incurred through lease-up
by the Development Owner in the acquisition, construction, rehabilitation,
and financing of the Development.
(132) Transitional Housing--A Supportive Housing Development
funded with HOME, NSP, HOME-ARP or TCAP RF, and not layered with Housing
Tax Credits that includes living Units with more limited individual
kitchen facilities and is:
(A) Used exclusively to facilitate the transition of
homeless individuals and those at-risk of becoming homeless to independent
living within 24 months; and
(B) Is owned by a Development Owner that includes a
Governmental Entity or a nonprofit which provides temporary housing
and supportive services to assist such individuals in, among other
things, locating and retaining permanent housing. The limited kitchen
facilities in individual Units must be appropriately augmented by
suitable, accessible shared or common kitchen facilities.
(133) Underwriter--The author(s) of the Underwriting
Report.
(134) Underwriting Report--Sometimes referred to as
the Report. A decision making tool prepared by the Department's Real
Estate Analysis Division that contains a synopsis of the proposed
Development and that reconciles the Application information, including
its financials and market analysis, with the underwriter's analysis.
The Report allows the Department and Board to determine whether the
Development will be financially feasible as required by Code §42(m),
or other federal or state regulations.
(135) Uniform Multifamily Application Templates--The
collection of sample resolutions and form letters, produced by the
Department, as may be required under this chapter or Chapters 12 and
13 of this title (relating to Multifamily Housing Bond Rules and Multifamily
Direct Loan Rule, respectively) that may, but are not required to,
be used to satisfy the requirements of the applicable rule.
(136) Unit--Any residential rental Unit in a Development
consisting of an accommodation, including a single room used as an
accommodation on a non-transient basis, that contains complete physical
facilities and fixtures for living, sleeping, eating, cooking, and
sanitation.
(137) Unit Type--Units will be considered different
Unit Types if there is any variation in the number of Bedrooms, bathrooms,
features, or a square footage difference equal to or more than 120
square feet.
(138) U.S. Department of Agriculture (USDA)--Texas
Rural Development Office (TRDO) serving the State of Texas.
(139) U.S. Department of Housing and Urban Development
(HUD)-regulated Building--A building for which the rents and utility
allowances of the building are reviewed by HUD.
(140) Unstabilized Development--A Development with
Comparable Units that has been approved for funding by the Department's
Board of Directors or is currently under construction or has not maintained
a 90% occupancy level for at least 90 days following construction
completion. A development may be deemed stabilized by the Underwriter
based on factors relating to a development's lease-up velocity, Sub-Market
rents, Sub-Market occupancy trends, and other information available
to the Underwriter. The Market Analyst may not consider such development
stabilized in the Market Study.
(141) Urban Area--A Place that is located within the
boundaries of a primary metropolitan statistical area or a metropolitan
statistical area other than a Place described in paragraph (117)(A)
of this subsection, definition of Rural Area. For areas not meeting
the definition of a Place, the designation as a Rural Area or Urban
Area is assigned in accordance with §11.204(5) of this chapter.
(142) Utility Allowance--The estimate of tenant-paid
utilities made in accordance with Treasury Regulation, §1.42-10
and §10.614 of this title (relating to Utility Allowances).
(143) Work Out Development--A financially distressed
Development for which the Owner or a primary financing participant
is seeking a change in the terms of Department funding or program
restrictions.
(e) Data. Where this chapter requires the use of American
Community Survey or Housing & Urban Development data, the Department
shall use the most current data available as of August 1 of the year
prior to Application, unless specifically otherwise provided in federal
or state law or in the rules, with the exception of census tract boundaries
for which 2020 Census boundaries will be used, unless otherwise noted.
All references to census tracts throughout this chapter will mean
the 2020 Census tracts, unless otherwise noted. Applicants may need
to provide Census tract information based on the 2020 boundaries as
well as the ones defined by 2010 boundaries, if data based on 2020
tract boundaries are not available as of August 1, 2023 for the specific
item in question. All American Community Survey (ACS) data must be
5-year estimates, unless otherwise specified and it is the ACS data
that will be used for population determination. The availability of
more current data shall be disregarded. Where other data sources are
specifically required, such as NeighborhoodScout, the data available
after August 1, but before Pre-Application Final Delivery Date, will
be permissible. The NeighborhoodScout report submitted in the Application
must include the report date. All references to QCTs throughout this
chapter mean the 2024 QCTs designated by HUD to be effective in 2024.
(f) Deadlines. Where a specific date or deadline is
identified in this chapter, the information or documentation subject
to the deadline must be received by the Department on or before 5:00
p.m. Austin local time on the day of the deadline. If the deadline
falls on a weekend or holiday, the deadline is 5:00 p.m. Austin local
time on the next day which is not a weekend or holiday and on which
the Department is open for general operation. Unless otherwise noted
or provided in statute, deadlines are based on calendar days. Deadlines,
with respect to both date and time, cannot be waived except where
authorized and for truly extraordinary circumstances, such as the
occurrence of a significant natural disaster that could not have been
anticipated and makes timely adherence impossible. Applicants should
further ensure that all required documents are included, legible,
properly organized, and tabbed, and that materials in required formats
involving digital media are complete and fully readable. Applicants
are strongly encouraged to submit the required items well in advance
of established deadlines.
(g) Documentation to Substantiate Items and Representations
in a Competitive HTC Application. In order to ensure the appropriate
level of transparency in this highly competitive program, Applications
and all correspondence and other information relating to each Application
are posted on the Department's website and updated on a regular basis.
Applicants must use the Application form posted online to provide
appropriate support for each item substantiating a claim or representation,
such as claims for points, qualification for set-asides, meeting of
threshold requirements, or timely requesting a waiver or determination.
Any Application that staff identifies as having insufficient support
information will be directed to cure the matter via the Deficiency
process. Applicants are reminded that this process may not be used
to increase a scoring item's points or to change any aspect of the
proposed Development, financing structure, or other element of the
Application. Although a responsive narrative will be created after
Application submission, all facts and materials to substantiate any
item in response to such an Administrative Deficiency must have been
clearly established at the time of submission of the Application.
Cont'd... |
