| (a) The state's ceiling shall be determined for each
calendar year by the executive director based upon the most recent
census estimate of the resident population of the state published
by the Bureau of the Census prior to the beginning of such calendar
year. The amount of the state ceiling shall be published on the board's
website in January each year and shall be updated on the site at least
weekly thereafter.
(b) On or after October 5 of the year preceding the
applicable program year, the board will accept applications for reservation
from issuers authorized to issue private activity bonds. The board
shall not grant a reservation to any issuer prior to January 2 of
the program year. If two or more issuers file an application for reservation
of the state ceiling in any of the categories described in Government
Code §1372.022, the board shall conduct a lottery establishing
the priority order of each such application for reservation. Once
the priority order for all applications for reservation filed on or
before October 20 of the year preceding the applicable program year
is established, except as provided by Government Code §1372.031(b)
and subject to Government Code §1372.0321 and Government Code §1372.0231,
reservations for each issuer within the categories described in Government
Code §1372.022(a)(2), (3), (4), and (5) shall be granted in the
order of priority established by such lottery. If determined by staff
as necessary an additional lottery may be held immediately to stagger
reservation dates for such issuers; otherwise, reservations shall
be staggered by priority and then lot number. Each issuer of state
voted issues granted a reservation initially may participate in the
additional lottery or shall be granted a reservation date which is
the first business day of the program year.
(c) The order of priority for reservations by housing
finance corporations in the category described in Government Code §1372.022(a)(1),
shall further be determined as provided in Government Code §1372.032.
(1) The first category of priority shall include those
applications for a reservation filed by housing finance corporations
which filed an application for a reservation on behalf of the same
local population prior to September 1 of the previous calendar year,
but which did not receive a reservation during such year. Any such
priority of an issuer composed of more than one jurisdiction is not
affected by the issuer's loss of a sponsoring government unit and
that unit's population base if the dollar amount of the application
has not increased.
(2) The second category of priority shall include those
applications for a reservation not included in the first category
of priority.
(3) Within each category of priority, reservations
shall be granted in reverse calendar year order of the most recent
closing of qualified mortgage bonds by each housing finance corporation,
with the most recent closing being the last to receive a reservation
and with those housing finance corporations that have never received
a reservation for mortgage revenue bonds being the first to receive
a reservation, and, in the case of closings occurring on the same
date, reservations shall be granted in an order determined by the
board by lot. The most recent closing applicable to:
(A) a newly created housing finance corporation that
was created by a local government unit or local government units that
had previously sponsored an existing housing finance corporation or
a disbanded housing finance corporation, is the most recent closing
of qualified mortgage bonds the proceeds of which were available to
the population of the housing finance corporation;
(B) a housing finance corporation sponsored by a local
government unit that has participated in the program of another housing
finance corporation, is the most recent closing of qualified mortgage
bonds the proceeds of which were available to the population of the
housing finance corporation; and
(C) all other housing finance corporations, is the
most recent closing of qualified mortgage bonds by the housing finance
corporation. In no event will a housing finance corporation or its
sponsoring local government unit be allowed to achieve an advantage
in the determination of its last closing date by creating, dissolving,
or withdrawing from a housing finance corporation.
(d) The order of priority for reservations in the category
described in Government Code §1372.022(a)(4) shall further be
determined as provided in Government Code §1372.0321 and Government
Code §1372.0231.
(1) The first category of priority shall include those
applications for a reservation for projects that:
(A) during the four-year period preceding the date
of the application, have:
(i) filed an application for a low-income housing tax
credit with the Texas Department of Housing and Community Affairs;
and
(ii) closed on a previous reservation of bonds in accordance
with Government Code §1372.042, as determined based on the date
of allocation of those bonds; and
(B) require a subsequent issuance of bonds to maintain
compliance with the percentage requirement described in Government
Code §1372.0321(e); and
(C) have not previously applied for a subsequent issuance
of bonds under Government Code §1372.0321(a).
(2) The second category of priority shall include those
applications for a reservation for:
(A) projects:
(i) in which 50% of the units are reserved for families
and individuals earning not more than 50% of the area median family
income and in which the maximum allowable rents are restricted to
30% of 50% of area median family income, minus an allowance for utility
costs authorized under the federal Low Income Housing Tax Credit Program;
and
(ii) the remaining 50% of the residential units in
the project are reserved for families and individuals earning not
more than 60% of the area median family income and in which the maximum
allowable rents are restricted to 30% of 60% of area median family
income, minus an allowance for utility costs authorized under the
federal Low Income Housing Tax Credit Program; or
(B) projects:
(i) in which 15% of the residential units in the project
are reserved for families and individuals earning not more than 30%
of the area median family income and in which the maximum allowable
rents are restricted to 30% of 30% of area median family income, minus
an allowance for utility costs authorized under the federal Low Income
Housing Tax Credit Program; and
(ii) the remaining 85% of the residential units in
the project are reserved for families and individuals earning not
more than 60% of the area median family income and in which the maximum
allowable rents are restricted to 30% of 60% of area median family
income, minus an allowance for utility costs authorized under the
federal Low Income Housing Tax Credit Program; or
(C) projects:
(i) in which 100% of the residential units in the project
are reserved for families and individuals earning not more than 60%
of the area median family income and in which the maximum allowable
rents are restricted to 30% of 60% of area median family income, minus
an allowance for utility costs authorized under the federal Low Income
Housing Tax Credit Program; and
(ii) which are located in a census tract in which the
median income, based on the most recent information published by the
United States Bureau of the Census, is higher than the median income
for the county, metropolitan statistical area, or primary metropolitan
statistical area in which the census tract is located as established
by the United States Department of Housing and Urban Development;
or
(D) on June 1 and after, projects that were submitted
for the lottery, and are located in counties, metropolitan statistical
areas, or primary metropolitan statistical areas with area median
family income levels below or at the median family income for the
state according to the U.S. Department of Housing and Urban Development.
(3) The third category of priority shall include those
applications for a reservation for a project in which at least 80%
of the units are reserved for families and individuals earning not
more than 60% of the area median family income and in which the maximum
allowable rents are restricted to 30% of 60% of area median family
income, minus an allowance for utility costs authorized under the
federal Low Income Housing Tax Credit Program.
(4) The fourth category of priority shall include those
applications for any other qualified residential rental project.
(5) Within each category of priority, reservations
shall be granted in the order established by the lottery subject to
Government Code §1372.0231.
Cont'd... |
