(a) Commitment. For Competitive HTC Developments, the
Department shall issue a Commitment to the Development Owner which
shall confirm that the Board has approved the Application and state
the Department's commitment to make a Housing Credit Allocation to
the Development Owner in a specified amount, subject to the feasibility
determination described in Chapter 11, Subchapter D of this title
(relating to Underwriting and Loan Policy) and the determination that
the Development satisfies the requirements of this chapter and other
applicable Department rules. The Commitment shall expire on the date
specified therein, which shall be 30 calendar days from the effective
date, unless the Development Owner indicates acceptance by executing
the Commitment, pays the required fee specified in §11.901 of
this title (relating to Fee Schedule), and satisfies any conditions
set forth therein by the Department. The Commitment expiration date
may not be extended.
(b) Determination Notices. For Tax Exempt Bond Developments,
the Department shall issue a Determination Notice which shall confirm
that the Development satisfies the requirements of this chapter as
applicable and other applicable Department rules in accordance with
the §42(m)(1)(D) of the Internal Revenue Code (the Code). The
Determination Notice shall also state the Department's determination
of a specific amount of housing tax credits that the Development may
be eligible for, subject to the requirements set forth in the Department's
rules, as applicable. The Determination Notice shall expire on the
date specified therein, which shall be 30 calendar days from the effective
date, unless the Development Owner indicates acceptance by executing
the Determination Notice, pays the required fee specified in Chapter
11, Subchapter E of this title, and satisfies any conditions set forth
therein by the Department. For Tax-Exempt Bond Developments utilizing
a local issuer, the Determination Notice expiration date may be extended
for a period not to exceed 5 calendar days, upon request. For Tax-Exempt
Bond Developments utilizing TDHCA as the bond issuer, the expiration
date may be extended to coincide with the closing date. If the requirements
of the Determination Notice, and any conditions of the Determination
Notice are met, the Determination Notice shall be valid for a period
of one year from the effective date of the Determination Notice, without
distinction between a Certificate of Reservation or Traditional Carryforward
Reservation. In instances where the Certificate of Reservation is
withdrawn after the Determination Notice has been issued and a new
Certification of Reservation is issued, staff will not re-issue the
Determination Notice. After one year from the effective date of the
Determination Notice, if a new Certificate of Reservation or Traditional
Carryforward Reservation is issued, the Applicant will be required
to contact the Department in order to have a new Determination Notice
issued and a new Application must be submitted. Such Application submission
must meet the requirements of §11.201(2) of this chapter (relating
to Procedural Requirements for Application Submission). If more than
a year has not passed from the effective date of the Determination
Notice, yet an Applicant desires to have a new Determination Notice
issued that reflects a different recommended credit amount, then a
new Application must be submitted that meets the requirements of §11.201(2)
of this chapter.
(c) Documentation Submission Requirements at Commitment
of Funds. No later than the expiration date of the Commitment (or
no later than December 31 for Competitive HTC Applications, whichever
is earlier) or Determination Notice, the documentation described in
paragraphs (1) - (7) of this subsection must be provided. Failure
to provide these documents may cause the Commitment or Determination
Notice to be rescinded.
(1) For entities formed outside the state of Texas,
evidence that the entity filed a Certificate of Application for foreign
qualification in Texas, a Franchise Tax Account Status from the Texas
Comptroller of Public Accounts, and a Certificate of Fact from the
Office of the Secretary of State. If the entity is newly registered
in Texas and the Franchise Tax Account Status or Certificate of Fact
are not available, a statement can be provided to that effect.
(2) For Texas entities, a copy of the Certificate of
Filing for the Certificate of Formation from the Office of the Secretary
of State; a Certificate of Fact from the Secretary of State, and a
Franchise Tax Account Status from the Texas Comptroller of Public
Accounts. If the entity is newly registered and the Certificate of
Fact and the Franchise Tax Account Status are not available, a statement
can be provided to that effect.
(3) Evidence that the signer(s) of the Commitment or
Determination Notice have sufficient authority to sign on behalf of
the Applicant in the form of a corporate resolution which indicates
the sub-entity in Control consistent with the entity contemplated
and described in the Application.
(4) Evidence of final zoning that was proposed or needed
to be changed pursuant to the Development plan.
(5) Evidence of satisfaction of any conditions identified
in the Credit Underwriting Analysis Report, any conditions provided
for in Chapter 1, Subchapter C of this title (relating to the Previous
Participation Review, or any other conditions of the award required
to be met at Commitment or Determination Notice.
(6) Documentation of any changes to representations
made in the Application subject to §10.405 of this title (relating
to Amendments and Extensions).
(7) For Applications underwritten with a property tax
exemption, documentation must be submitted in the form of a letter
from an attorney identifying the statutory basis for the exemption
and indicating that the exemption is reasonably achievable, subject
to appraisal district review. Additionally, any Development with a
proposed Payment in Lieu of Taxes (PILOT) agreement must provide evidence
regarding the statutory basis for the PILOT and its terms.
(8) For Competitive HTC Applications, for any documentation
that must be submitted in accordance with this section, staff may
grant relief of the associated deadline, for unusual or unpredictable
circumstances that are outside of the Applicant's control such as
inclement weather or failed deliveries."Applicants must submit any
payment due under this chapter and operate under the assumption that
the deadline for such payment is final.
(d) Post Bond Closing Documentation Requirements. Regardless
of the issuer of the bonds, no later than 60 calendar days following
closing on the bonds, the Development Owner must submit the documentation
in paragraphs (1) - (6) of this subsection.
(1) Training certificate(s) from a Department approved
"property owner and manager Fair Housing trainer" showing that the
Development Owner and on-site or regional property manager has attended
and passed at least five hours of Fair Housing training. The certificate(s)
must not be older than three years from the date of submission and
must verify that all parts or phases of the offered training have
been completed; two certificates supplied for the same part or phase
of an offered training will not be counted towards the five hour required
minimum, even if they were attended on different dates. The Development
Owner individual reflected on the certificate must be identified on
the organizational chart as having Control.
(2) A training certificate from a Department approved
"architect and engineer Fair Housing trainer" showing that the lead
architect or engineer responsible for certifying compliance with the
Department's accessibility and construction standards has attended
and passed at least five hours of Fair Housing training. The certificate
must not be older than three years from the date of submission and
must verify that all parts or phases of the offered training have
been completed; two certificates supplied for the same part or phase
of an offered training will not be counted towards the five hour required
minimum, even if they were attended on different dates.
(3) Evidence that the financing has closed, such as
an executed settlement statement.
(4) A confirmation from the Compliance Division evidencing
receipt of the CMTS Filing Agreement form pursuant to §10.607(a)
of this title (relating to Reporting Requirements).
(5) An initial construction status report consisting
of items from subsection (h)(1) - (5) of this title (relating to Construction
Status Reports).
(6) A current survey or plat of the Development Site
prepared and certified by a duly licensed Texas Registered Professional
Land Surveyor. The survey or plat must clearly delineate the floodplain
areas and show all easements recorded against the property and encroachments.
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