Texas Register, Volume 42, Number 43, Pages 5913-6056, October 27, 2017 Page: 5,961
This periodical is part of the collection entitled: Texas Register and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
lared a disaster area under Tex. Gov't Code 418.014 at the time of
submission, or at any time within the two-year period preceding the
date of submission. [If at the time the complete pre-appication is sub-
mitted or at any time within the two-year period preceding the date of
submission, the proposed Dve-opment Site is located in an area de-
clared to be a disaster area under Tex Gov't Cede, 4 1M8014]
12.7. Full Application Process.
(a) Application Submission. Once the inducement resolution
has been approved by the Board, an Applicant who elects to proceed
with submitting a full Application to the Department must submit the
complete tax credit Application pursuant to @10.201 of this title (relat-
ing to Procedural Requirements for Application Submission).
(b) Eligibility Criteria. The Department will evaluate the Ap-
plication for eligibility and threshold at the time of full Application
pursuant to Chapter 10 of this title (relating to Uniform Multifamily
Rules). If there are changes to the Application at any point prior to
closing that have an adverse affect on the score and ranking order and
that would have resulted in the pre-application being placed below an-
other pre-application in the ranking, the Department will terminate the
Application and withdraw the Certificate of Reservation from the Bond
Review Board (with the exception of changes to deferred developer's
fees and support or opposition points). The Development and the Ap-
plicant must satisfy the requirements set forth in Chapter 10 of this
title (relating to Uniform Multifamily Rules) and Chapter 11 of this ti-
tle (relating to Housing Tax Credit Program Qualified Allocation Plan)
in addition to Tex. Gov't Code, Chapter 1372, the applicable require-
ments of Tex. Gov't Code, Chapter 2306, and the Code. The Applicant
will also be required to select a Bond Trustee from the Department's
approved list as published on its website.
(c) Bond Documents. Once the Application has been submit-
ted and the Applicant has deposited funds to pay initial costs, the De-
partment's bond counsel shall draft Bond documents.
(d) Public Hearings. The [For every Bond issuanee, the] De-
partment will hold a public hearing [in order] to receive comments from
the public pertaining to the Development and the issuance of the Bonds.
The Applicant or member of the Development Team must be present
at the public hearing and will be responsible for conducting a brief pre-
sentation on the proposed Development and providing handouts at the
hearing that should include [eefan] at [a] minimum, a description of
the Development, maximum rents and income restrictions. If the pro-
posed Development is Rehabilitation, [then] the presentation should
include the proposed scope of work that is planned for the Develop-
ment. The [All] handouts must be submitted to the Department for
review at least two (2) days prior to the public hearing. Publication of
all notices required for the public hearing shall be at the sole expense
of the Applicant, as well as any facility rental fees or required deposits.
(e) Approval of the Bonds. Subject to the timely receipt and
approval of commitments for financing, an acceptable evaluation for el-
igibility, the satisfactory negotiation of Bond documents, and the com-
pletion of a public hearing, the Board, upon presentation by Depart-
ment staff, will consider the approval of the final Bond resolution re-
lating to the issuance, final Bond documents and in the instance of pri-
vately placed Bonds, the pricing, terms and interest rate of the Bonds.
The process for appeals and grounds for appeals may be found un-
der 1.7 of this title (relating to Staff Appeals Process) and 1.8 of
this title (relating to Board Appeals Process). To the extent applicable
to each specific Bond issuance, the Department's conduit multifamily
Bond transactions will be processed in accordance with 34 TAC Part
9, Chapter 181, Subchapter A (relating to Bond Review Board Rules)
and Tex. Gov't Code, Chapter 1372.(f) Local Permits. Prior to closing on the Bond financing, all
necessary approvals, including building permits from local municipal-
ities, counties, or other jurisdictions with authority over the Develop-
ment Site must have been obtained or evidence that the permits are
obtainable subject only to payment of certain fees must be submitted
to the Department.
12.8. Refunding Application Process.
(a) Application Submission. Owners who wish to refund or
modify tax-exempt bonds that were previously issued by the Depart-
ment must submit to the Department a summary of the proposed re-
funding plan or modifications. To the extent such modifications con-
stitute a re-issuance under state law the Applicant shall then be required
to submit a refunding Application in the form prescribed by the Depart-
ment pursuant to the Bond Refunding Application Procedures Manual.
(b) Bond Documents. Once the Department has received the
refunding Application and the Applicant has deposited funds to pay
initial costs, the Department's bond counsel will draft the necessary
Bond documents.
(c) Public Hearings. Depending on the proposed modifica-
tions to existing Bond covenants a public hearing may be required.
Such hearing must take place prior to obtaining Board approval and
must meet the requirements pursuant to @12.7(d) of this chapter (relat-
ing to Full Application Process) regarding the presence of a member of
the Development Team and providing a summary of proposed Devel-
opment changes.
(d) Rule Applicability. Refunding Applications must meet the
requirements pursuant to Chapter 10 of this title (relating to Uniform
Multifamily Rules) and Chapter 11 of this title (relating to Housing
Tax Credit Program Qualified Allocation Plan) with the exception of
criteria stated therein specific to the Competitive Housing Tax Credit
Program. At the time of the original award the Application would have
been subject to eligibility and threshold requirements under the QAP
in effect the year the Application was awarded. Therefore, it is antic-
ipated the Refunding Application would not be subject to the site and
development requirements and restrictions pursuant to @10.101 of this
title (relating to Site and Development Requirements and Restrictions).
The circumstances surrounding a refunding Application are unique to
each Development; therefore, upon evaluation of the refunding Ap-
plication, the Department is authorized to utilize its discretion in the
applicability of the Department's rules as it deems appropriate.
12.9. Occupancy Requirements. [Reglatery and-and-UseRestrie-
ions]
(a) Filing and Term of Regulatory Agreement. A Bond Reg-
ulatory and Land Use Restriction Agreement will be filed in the prop-
erty records of the county in which the Development is located for each
Development financed from the proceeds of Bonds issued by the De-
partment. The term of the Regulatory Agreement will be based on the
criteria as described in paragraphs (1) - (3) of this subsection, as appli-
cable:
(1) the longer of thirty (30) years, from the date the Devel-
opment Owner takes legal possession of the Development;
(2) the end of the remaining term of the existing federal
government assistance pursuant to Tex. Gov't Code, 2306.185; or
(3) the period required by the Code.
(b) Federal Set Aside Requirements.
(1) Developments which are financed from the proceeds of
Private Activity Bonds must be restricted under one of the two mini-
mum set-asides as described in subparagraphs (A) and (B) of this para-
graph:PROPOSED RULES October 27, 2017 42 TexReg 5961
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas. Secretary of State. Texas Register, Volume 42, Number 43, Pages 5913-6056, October 27, 2017, periodical, October 27, 2017; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth897027/m1/49/?rotate=180: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.