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RULE §10.401Housing Tax Credit and Tax Exempt Bond Developments

      (i) Owner's signed and notarized Statement of Certification verifying the CPA firm's licenses and validity, including any restrictions;

      (ii) Owner Summary & Organization Charts for the Owner, Developer, and Guarantors;

      (iii) Evidence of Qualified Nonprofit or CHDO Participation;

      (iv) Certification and evidence of Historically Underutilized Business (HUB) Participation;

      (v) Development Team List;

      (vi) Development Summary with Architect's Certification;

      (vii) Development Change Documentation;

      (viii) As Built Survey;

      (ix) A copy of the fully executed Closing Statement for each parcel of land and/or buildings purchased and included in the Development;

      (x) Development Owner's Title Policy for the Development;

      (xi) Title Policy Update;

      (xii) Placement in Service;

      (xiii) Evidence of Placement in Service;

      (xiv) Architect's Certification of Completion Date and Date Ready for Occupancy (for Developments located in areas where Certificates of Occupancy (COs) are not issued by a local government or rehabilitation Developments that cannot provide COs);

      (xv) Auditor's Certification of Acquisition/Rehabilitation Placement in Service Election;

      (xvi) Independent Auditor's Report;

      (xvii) Independent Auditor's Report of Bond Financing;

      (xviii) Development Cost Schedule;

      (xix) Contractor's Application for Final Payment (G702/G703) for the General Contractor, all prime subcontractors, Affiliated Contractors, and Related Party Contractors;

      (xx) Additional Documentation of Offsite Costs;

      (xxi) Rent Schedule;

      (xxii) Utility Allowances;

      (xxiii) Annual Operating Expenses;

      (xxiv) 30 Year Rental Housing Operating Pro Forma;

      (xxv) Current Operating Statement in the form of a trailing twelve month statement;

      (xxvi) Current Rent Roll;

      (xxvii) Summary of Sources and Uses of Funds;

      (xxviii) Final Limited Partnership Agreement with all amendments and exhibits;

      (xxix) All Loan Agreements and Promissory Notes (except for Agreements and Notes issued directly by the Department);

      (xxx) Architect's Certification of Accessibility Requirements;

      (xxxi) Development Owner Assignment of Individual to Compliance Training;

      (xxxii) TDHCA Compliance Training Certificate (not older than two years from the date of cost certification submission);

      (xxxiii) TDHCA Final Inspection Clearance Letter or evidence of submitted final inspection request to the Compliance Division (IRS Form(s) 8609 will not be issued without a TDHCA Final Inspection Clearance Letter); and

      (xxxiv) Other Documentation as Required, including but not limited to conditions to be satisfied at cost certification as reflected in the Development's latest Underwriting Report;

    (C) Informed the Department of and received written approval for all amendments, extensions, and changes in ownership relating to the Development in accordance with §10.405 of this subchapter (relating to Amendments and Extensions) and §10.406 of this subchapter (relating to Ownership Transfers (§2306.6713));

    (D) Paid all applicable Department fees, including any past due fees;

    (E) Met all conditions noted in the Department underwriting report, Determination Notice, and Commitment;

    (F) Corrected all issues of noncompliance, including but not limited to noncompliance status with the LURA (or any other document containing an Extended Low-income Housing Commitment) or the program rules in effect for the subject Development, as described in this chapter. Developments in the corrective action period and/or with any uncorrected issues of noncompliance outside of the corrective action period will not be issued IRS Form(s) 8609s until all events of noncompliance are corrected or otherwise approved by the Executive Director or designee; and

    (G) Completed an updated underwriting evaluation in accordance with Chapter 11, Subchapter D of this Part based on the most current information at the time of the review.

Source Note: The provisions of this §10.401 adopted to be effective February 3, 2022, 47 TexReg 266; amended to be effective February 1, 2023, 48 TexReg 348

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