| (a) Application Submission. Owners who wish to refund
or modify tax-exempt bonds that were previously issued by the Department
must submit to the Department a summary of the proposed refunding
plan or modifications. To the extent such modifications constitute
a re-issuance under state law the Applicant shall then be required
to submit a refunding Application in the form prescribed by the Department
pursuant to the Bond Refunding Application Procedures Manual.
(b) Bond Documents. Once the Department has received
the refunding Application and the Applicant has deposited funds to
pay initial costs, the Department's bond counsel will draft the necessary
Bond documents.
(c) Public Hearings. Depending on the proposed modifications
to existing Bond covenants a public hearing may be required. Such
hearing must take place prior to obtaining Board approval and must
meet the requirements pursuant to §12.7(d) of this chapter (relating
to Full Application Process) regarding the presence of a member of
the Development Team and providing a summary of proposed Development
changes.
(d) Rule Applicability. Refunding Applications must
meet the applicable requirements pursuant to Chapter 11 of this part
(relating to Housing Tax Credit Program Qualified Allocation Plan).
At the time of the original award the Application would have been
subject to eligibility and threshold requirements under the QAP in
effect the year the Application was awarded. Therefore, it is anticipated
the Refunding Application would not be subject to the site and development
requirements and restrictions pursuant to §11.101 of this part
(relating to Site and Development Requirements and Restrictions).
The circumstances surrounding a refunding Application are unique to
each Development; therefore, upon evaluation of the refunding Application,
the Department is authorized to utilize its discretion in the applicability
of the Department's rules as it deems appropriate.
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