| (iii) where the HUB will be replaced as a general partner
or special limited partner that is not a HUB and will sell its ownership
interest, an ownership transfer request must be submitted as described
in §10.406 of this subchapter (relating to Ownership Transfers
(§2306.6713));
(B) A change resulting from a Department work out arrangement
as recommended by the Department's Asset Management Division;
(C) A change in the Right of First Refusal period as
described in amended §2306.6726 of the Tex. Gov't Code;
(D) Where the Board has approved a de minimis modification
of the Unit Mix or bedroom mix of Units to increase the Development's
accessibility; or
(E) A correction of error.
(2) Material LURA Amendments. Development Owners seeking
LURA amendment requests that require Board approval must submit the
request and all required documentation necessary for staff's review
of the request to the Department at least 45 calendar days prior to
the Board meeting at which the amendment is anticipated to be considered.
Before the 15th day preceding the date of Board action on the amendment,
notice of an amendment and the recommendation of the Executive Director
and Department staff regarding the amendment will be posted to the
Department's website and the Applicant will be notified of the posting.
(§2306.6717(a)(4)). The Board must consider the following material
LURA amendments:
(A) Reductions to the number of Low-Income Units;
(B) Changes to the income or rent restrictions;
(C) Changes to the Target Population;
(D) The removal of material participation by a Nonprofit
Organization as further described in §10.406 of this subchapter;
(E) The removal of material participation by a HUB
prior to filing of IRS Form(s) 8609;
(F) Any amendment that affects a right enforceable
by a tenant or other third party under the LURA; or
(G) Any LURA amendment deemed material by the Executive
Director.
(3) Prior to staff taking a recommendation to the Board
for consideration, the Development Owner must provide notice and hold
a public hearing regarding the requested amendment(s) at least 20
business days prior to the scheduled Board meeting where the request
will be considered. Development Owners will be required to submit
a copy of the notification with the amendment request. If a LURA amendment
is requested prior to issuance of IRS Form(s) 8609 by the Department,
notification must be provided to the recipients described in subparagraphs
(A) - (E) of this paragraph. If an amendment is requested after issuance
of IRS Form(s) 8609 by the Department, notification must be provided
to the recipients described in subparagraph (A) - (B) of this paragraph.
Notifications include:
(A) Each tenant of the Development;
(B) The current lender(s) and investor(s);
(C) The State Senator and State Representative of the
districts whose boundaries include the Development Site;
(D) The chief elected official for the municipality
(if the Development Site is within a municipality or its extraterritorial
jurisdiction); and
(E) The county commissioners of the county in which
the Development Site is located (if the Development Site is located
outside of a municipality).
(4) Contents of Notification. The notification must
include, at a minimum, all of the information described in subparagraphs
(A) - (D) of this paragraph:
(A) The Development Owner's name, address and an individual
contact name and phone number;
(B) The Development's name, address, and city;
(C) The change(s) requested; and
(D) The date, time and location of the public hearing
where the change(s) will be discussed.
(5) Verification of public hearing. Minutes of the
public hearing and attendance sheet must be submitted to the Department
within three business days after the date of the public hearing.
(6) Approval. Once the LURA Amendment has been approved
administratively or by the Board, as applicable, Department staff
will provide the Development Owner with a LURA amendment for execution
and recording in the county where the Development is located.
(c) HTC Extensions. Extensions must be requested if
the original deadline associated with Carryover, the 10% Test (including
submission and expenditure deadlines), construction status reports,
or cost certification requirements will not be met. Extension requests
submitted at least 30 calendar days in advance of the applicable deadline
will not be required to submit an extension fee as described in §11.901
of this title (relating to Fee Schedule). Any extension request submitted
fewer than 30 days in advance of the applicable deadline or after
the applicable deadline will not be processed unless accompanied by
the applicable fee. Extension requests will be approved by the Executive
Director or designee, unless, at staff's discretion it warrants Board
approval due to extenuating circumstances stated in the request. The
extension request must specify a requested extension date and the
reason why such an extension is required. If the Development Owner
is requesting an extension to the Carryover submission or 10% Test
deadline(s), a point deduction evaluation will be completed in accordance
with Tex. Gov't Code, §2306.6710(b)(2), and §11.9(f) of
this title (relating to Factors Affecting Scoring and Eligibility
in current and future Application Rounds). Therefore, the Development
Owner must clearly describe in their request for an extension how
the need for the extension was beyond the reasonable control of the
Applicant/Development Owner and could not have been reasonably anticipated.
Carryover extension requests will not be granted an extended deadline
later than December 1st of the year the Commitment was issued.
|
