Texas Register, Volume 46, Number 38, Pages 5983-6306, September 17, 2021 Page: 6,064
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monitor to ensure compliance with programmatic rules as applicable,
regulations, and Application representations.
(5) Applicable Percentage--The percentage used to deter-
mine the amount of the Housing Tax Credit for any Development, as
defined more fully in Code, 42(b).
(A) For purposes of the Application, the Applicable
Percentage will be:
(i) nine percent for 70% present value credits; or
(ii) four percent for 30% present value credits,
(B) For purposes of making a credit recommendation at
any other time, the Applicable Percentage will be based on:
(i) the percentage indicated in the Agreement and
Election Statement, if executed; or
(ii) the percentage as calculated in subparagraph (A)
of this paragraph if the Agreement and Election Statement has not been
executed and no buildings have been placed in service.
(6) Applicant--Means any Person or a group of Persons and
any Affiliates of those Persons who file an Application with the De-
partment requesting funding or a tax credit allocation subject to the re-
quirements of this chapter or 10 TAC Chapters 12 or 13 and who have
undertaken or may contemplate the later formation of one or more busi-
ness entities, such as a limited partnership, that is to be engaged in the
ownership of a Development.
(7) Application Acceptance Period--That period of time
during which Applications may be submitted to the Department. For
Tax-Exempt Bond Developments it is the date the Application is
submitted to the Department.
(8) Award Letter --A document that may be issued to an
awardee of a Direct Loan before the issuance of a Contract which pre-
liminarily sets forth the terms and conditions under which the Direct
Loan will be made available. An Award Letter will typically be contin-
gent on the awardee satisfying certain requirements prior to executing
a Contract.
(9) Bank Trustee--A federally insured bank with the ability
to exercise trust powers in the State of Texas.
(10) Bedroom--A portion of a Unit which is no less than
100 square feet; has no width or length less than eight feet; is self con-
tained with a door (or the Unit contains a second level sleeping area of
100 square feet or more); has at least one window that provides exterior
access; and has at least one closet that is not less than two feet deep and
three feet wide and high enough to accommodate five feet of hanging
space. A den, study or other similar space that could reasonably func-
tion as a Bedroom and meets this definition is considered a Bedroom.
(11) Breakeven Occupancy--The occupancy level at which
rental income plus secondary income is equal to all operating expenses,
including replacement reserves and taxes, and mandatory debt service
requirements for a Development.
(12) Building Costs--Cost of the materials and labor for the
vertical construction or rehabilitation of buildings and amenity struc-
tures.
(13) Carryover Allocation--An allocation of current year
tax credit authority by the Department pursuant to the provisions of the
Code, 42(h)(1)(C) and U.S. Treasury Regulations, @1.42-6.
(14) Carryover Allocation Agreement--A document issued
by the Department, and executed by the Development Owner, pursuantto 11.907 of this title (relating to Carryover Agreement General Re-
quirements and Required Documentation).
(15) Cash Flow--The funds available from operations after
all expenses and debt service required to be paid have been considered.
(16) Certificate of Reservation or Traditional Carryfor-
ward Designation--The notice given by the Texas Bond Review Board
(TBRB) to an issuer reserving a specific amount of the private activity
bond state ceiling for a specific Development.
(17) Code--The Internal Revenue Code of 1986, as
amended from time to time, together with any applicable regulations,
rules, rulings, revenue procedures, information statements or other
official pronouncements issued thereunder by the U.S. Department of
the Treasury or the Internal Revenue Service (IRS).
(18) Code of Federal Regulations (CFR)--The codification
of the general and permanent rules and regulations of the federal gov-
ernment as adopted and published in the Federal Register.
(19) Commitment Notice (also referred to as Commit-
ment)--An agreement issued pursuant to 11.905(a) of this title
(relating to General Information for Commitments or Determination
Notices), setting forth the terms and conditions under which Competi-
tive Housing Tax Credits, from the Department will be made available.
A Commitment or Commitment Notice does not mean commitment of
federal funds under the Direct Loan Program.
(20) Commitment of Funds--Occurs after the Development
is approved by the Board and once a Contract is executed between the
Department and Development Owner. The Department's Commitment
of Funds may not align with commitments made by other financing
parties.
(21) Committee--See Executive Award and Review Advi-
sory Committee.
(22) Common Area--Enclosed space outside of Net
Rentable Area, whether conditioned or unconditioned, to include
such area contained in: property management offices, resident service
offices, 24-hour front desk office, clubrooms, lounges, community
kitchens, community restrooms, exercise rooms, laundry rooms,
mailbox areas, food pantry, meeting rooms, libraries, computer labs,
classrooms, break rooms, flex space programmed for resident use,
interior corridors, common porches and patios, and interior courtyards.
Common Area does not include individualized garages, maintenance
areas, equipment rooms, or storage.
(23) Comparable Unit--A Unit, when compared to the sub-
ject Unit, is similar in net rentable square footage, number of Bed-
rooms, number of bathrooms, overall condition, location (with respect
to the subject Property based on proximity to employment centers,
amenities, services and travel patterns), age, Unit amenities, utility
structure, and common amenities.
(24) Competitive Housing Tax Credits --Sometimes re-
ferred to as Competitive HTC. Tax credits available from the State 9%
Housing Credit Ceiling.
(25) Compliance Period--With respect to a building fi-
nanced, in part with proceeds of Housing Tax Credits, the period of 15
taxable years, beginning with the first taxable year of the credit period
pursuant to Code, 42(i)(1).
(26) Continuously Occupied--The same household has
resided in the Unit for at least 12 months.
(27) Contract--A legally binding agreement between the
Development Owner and the Department, setting forth the terms and46 TexReg 6064 September 17, 2021 Texas Register
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Texas. Secretary of State. Texas Register, Volume 46, Number 38, Pages 5983-6306, September 17, 2021, periodical, September 17, 2021; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1385246/m1/82/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.