Section 11.1009 - State Housing Tax Credits for Tax-Exempt Bond Developments(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Credit.(d) Should there be an amount of State Housing Tax Credits to allocate to an Application and that Application is withdrawn or terminated, or the Certificate of Reservation is withdrawn from the Bond Review Board, the next Application in line, based on the received date will be notified that their Application will be underwritten with the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 233.10 Tex. Admin. Code § 11.1009
Adopted by Texas Register, Volume 46, Number 51, December 17, 2021, TexReg 8686, eff. 12/23/2021; Adopted by Texas Register, Volume 47, Number 51, December 23, 2022, TexReg 8619, eff. 12/26/2022; Adopted by Texas Register, Volume 48, Number 51, December 22, 2023, TexReg 7978, eff. 12/31/2023