| (a) The request for State Housing Tax Credits shall
be reflected in the Uniform Multifamily Application, as prescribed
by the Department and further explained in the Multifamily Programs
Procedures Manual, and shall include a term sheet from a syndicator
that includes the amount of State Housing Tax Credits requested and
pricing information.
(b) For Applications that will receive a Certificate
of Reservation from the Texas Bond Review Board in January, an Applicant
may submit the complete Application (which may or may not include
Third Party Reports, as more fully described under §11.201(2)
of this chapter (relating to Procedural Requirements for Application
Submission)), from January 2 through January 31. The Department shall
utilize a first-come, first-served system for establishing priority
of requests for the portion of the State Housing Tax Credit available
for Tax-Exempt Bond Developments.
(c) Once the number of Applications submitted exceed
the amount of State Housing Tax Credits for Tax-Exempt Bond Developments
the Department can allocate, Applicants for those Applications will
be provided notice to that effect and be given the opportunity to
modify their Application through the Administrative Deficiency process
to exclude the request for the State Housing Tax Credit.
(d) Should there be an amount of State Housing Tax
Credits to allocate to an Application and that Application is withdrawn
or terminated, or the Certificate of Reservation is withdrawn from
the Bond Review Board, the next Application in line, based on the
received date will be notified that their Application will be underwritten
with the State Housing Tax Credit. Alternatively, in cases where staff
can make seamless adjustments to other line items to account for the
lack of State HTC, staff may make such adjustments automatically and
notify the Applicant accordingly.
(e) Applications submitted after January 31 and for
which a Certificate of Reservation has been issued, may include a
request for State Housing Tax Credits only if the Department has not
reached the maximum amount of State Housing Tax Credits to allocate
for Tax-Exempt Bond Developments.
(f) Qualified Developments will be issued a Determination
Notice that will reflect both the State and Federal Housing Tax Credit
Amounts, which for purposes of the State Housing Tax Credit will constitute
the Allocation Certificate pursuant to Tex. Gov't Code Chapters 171
and 233.
|
