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TITLE 10COMMUNITY DEVELOPMENT
PART 5OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
CHAPTER 187CAPITAL ACCESS PROGRAM
RULE §187.12Limitations on the Office's Deposit to Reserve

Deposits made by the Office into a reserve account to be placed at a participating financial institution shall be limited by the following:

  (1) The maximum amount the Office may deposit into a reserve account for each capital access loan made under the program is the lesser of $35,000 or an amount equal to:

    (A) 8.0% of the loan amount if:

      (i) the eligible applicant is located or financing a project, activity, or enterprise in an area designated as an enterprise zone; or

      (ii) the eligible applicant is a small or medium size business or a non-profit organization that operates or proposes to operate a day-care center or group day-care home, as those terms are defined by Human Resources Code, §42.002.

    (B) 6.0% of the loan for any other eligible applicant.

  (2) The amount deposited by the Office into a participating financial institution's reserve account for any single loan recipient may not exceed $150,000 during a three-year period.


Source Note: The provisions of this §187.12 adopted to be effective September 15, 1997, 22 TexReg 8967; amended to be effective August 5, 2012, 37 TexReg 5735

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