| (a) The objectives of the Department in performing
regular monitoring of affordable rental housing are:
(1) To provide for monitoring that meets applicable
requirements of:
(A) The U.S. Department of Housing and Urban Development
(HUD);
(B) The U.S. Department of the Treasury (Treasury);
(C) The Internal Revenue Service (the IRS); and
(D) Applicable state laws and rules;
(2) To enable the Department to report information
to HUD, Treasury, the IRS, and the Governing Board, as required, regarding
the condition and operations of such developments;
(3) To enable the Department to communicate with responsible
persons regarding the condition and operation of their developments
and understand clearly, with a documented record, how they are performing
in meeting their obligations;
(4) To identify matters of noncompliance so that they
can be appropriately addressed and to assist in targeting issues that
may require compliance assistance education;
(5) To ensure that responsible persons understand the
compliance status of their developments and the implications of such
status;
(6) To articulate and communicate clear standards to
promote the maintenance and operation of such developments in a manner
that meets the high standards of the Department's affordable rental
programs; and
(7) To provide a transparent system whereby all interested
parties, including residents, community organizations, local governmental
entities, and the affordable housing industry, may find accountability,
consistency, and an awareness of the high quality standards of affordable
housing in the State of Texas.
(b) This subchapter applies to the monitoring of affordable
rental housing under the programs described in paragraphs (1) - (11)
of this subsection:
(1) The Housing Tax Credit Program (HTC);
(2) The HOME Investment Partnerships Program (HOME);
(3) The Tax Exempt Bond Program (Bond);
(4) The Texas Housing Trust Fund Program (HTF, SHTF,
or THTF);
(5) The Tax Credit Assistance Program (TCAP);
(6) The Tax Credit Exchange Program (Exchange);
(7) The Neighborhood Stabilization Program (NSP);
(8) Section 811 Project Rental Assistance (811 PRA
or 811) Program;
(9) Tax Credit Assistance Program Repayment Funds (TCAP
RF);
(10) The National Housing Trust Fund (NHTF); and
(11) HOME American Rescue Plan (HOME-ARP)
(c) Monitoring activity evaluates the physical condition
of the Developments and whether they are being operated in documented
compliance with program requirements.
(d) The results of the Department's monitoring activities
will be documented and, communicated to the owner in writing within
90 days of the monitoring visit.
(e) The Department may contract with an independent
third party to monitor a Development during its construction or rehabilitation
and during its operation for compliance with any conditions imposed
by the Department in connection with the award of any Department funds,
including allocations of housing tax credits, and appropriate state
and federal laws, rules, regulations, orders, and other applicable
legal requirements.
(f) The capitalized terms or phrases used herein are
defined in this title. Any other capitalized terms in this subchapter
shall have the meaning as defined in Tex. Gov't Code Chapter 2306,
Internal Revenue Code (the Code) §42, the HOME Final Rule, and
other federal or Department rules, as applicable. Defined terms, when
not capitalized, are to be read in context and construed according
to common usage.
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