Texas Register, Volume 42, Number 43, Pages 5913-6056, October 27, 2017 Page: 5,962
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(A) at least 20 percent of the Units within the Develop-
ment shall be occupied or held vacant and available for occupancy at
all times by persons or families whose income does not exceed 50 per-
cent of the area median income; or
(B) at least 40 percent of the Units within the Develop-
ment shall be occupied or held vacant and available for occupancy at
all times by persons or families whose income does not exceed 60 per-
cent of the area median income.
(2) The Development Owner must designate at the time of
Application which of the two federal set-asides will apply to the De-
velopment and must also designate the selected priority for the Devel-
opment in accordance with Tex. Gov't Code, 1372.0321. The Regu-
latory Agreement will reflect the income and rent limits as identified in
the Department's Underwriting Report, constituting the eligible tenants
of the Development and monitored as such by the Department. Units
intended to satisfy set-aside requirements must be distributed equally
throughout the Development, and must include a reasonably propor-
tionate amount of each type of Unit available in the Development.
(3) No tenant qualifying under either of the minimum fed-
eral set-asides shall be denied continued occupancy of a Unit in the
Development because, after commencement of such occupancy, such
tenant's income increases to exceed the qualifying limit.[; proved
however that] However, should a tenant's income, as of the most re-
cent determination thereof, exceed 140 percent of the applicable federal
set-aside income limit and such tenant constitutes a portion of the set-
aside requirement of this section, then such tenant shall only continue
to qualify for so long as no Unit of comparable or smaller size is rented
to a tenant that does not qualify as a Low-Income Tenant.
12.10. Fees.
(a) Pre-Application Fees. The Applicant is required to sub-
mit, at the time of pre-application, the following fees: $1,000 (payable
to TDHCA), $2,500 (payable to the Department's bond counsel) and
$5,000 (payable to the Texas Bond Review Board (TBRB) [(BRB)]
pursuant to Tex. Gov't Code, 1372.006(a)). These fees cover the costs
of pre-application review by the Department, its bond counsel and fil-
ing fees associated with the Certificate of Reservation to the TBRB
[BR~B].
(b) Application Fees. At the time of Application the Applicant
is required to submit a tax credit application fee of $30 per Unit based
on the total number of Units and a [$4-,000 for the] bond application
fee of $20 per Unit based on the total number of Units [(formultipje site
Applications the -application fee salbe $4 090 or $0 pr UhPt baed
on the total number of i whiehe-ver +s greate+)]. Such fees cover
the costs associated with Application review and the Department's ex-
penses in connection with providing financing for a Development. For
Developments proposed to be structured as part of a portfolio the bond
[such] application fees may be reduced on a case by case basis at the
discretion of the Executive Director.
(c) Closing Fees. The closing fee for Bonds, other than re-
funding Bonds is equal to 50 basis points (0.005) of the issued princi-
pal amount of the Bonds. The Applicant will also be required to pay at
closing of the Bonds the first two years of the administration fee equal
to 20 basis points (0.002) of the issued principal amount of the Bonds
and a Bond compliance fee equal to $25/Unit (excludes market rate
Units). Such compliance fee shall be applied to the third year follow-
ing closing.
(d) Application and Issuance Fees for Refunding Applications.
For refunding Applications the application fee will be $10,000 unless
the refunding is not required to have a public hearing, in which case the
fee will be $5,000. The closing fee for refunding Bonds is equal to 25basis points (0.0025) of the issued principal amount of the refunding
Bonds. If applicable, administration and compliance fees due at closing
may be prorated based on the current billing period of such fees. If
additional volume cap is being requested other fees may be required
as further described in the Bond Refunding Applications Procedures
Manual.
(e) Administration Fee. The annual administration fee is equal
to 10 basis points (0.001) of the outstanding bond amount on its date
of calculation and is paid as long as the Bonds are outstanding.
(f) Bond Compliance Fee. The Bond compliance monitoring
fee is equal to $25/Unit (excludes market rate Units), and is paid for the
duration of the State Restrictive Period under the Regulatory Agree-
ment.
The agency certifies that legal counsel has reviewed the pro-
posal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office of the Secretary of State on October 13,
2017.
TRD-201704113
Timothy K. Irvine
Executive Director
Texas Department of Housing and Community Affairs
Earliest possible date of adoption: November 26, 2017
For further information, please call: (512) 475-3929
CHAPTER 13. MULTIFAMILY DIRECT LOAN
RULE
10 TAC 13.1 - 13.13
The Texas Department of Housing and Community Affairs (the
"Department") proposes amendments to 10 TAC 13.1 - 13.12
and proposes new 10 TAC 13.13 concerning the Multifamily
Direct Loan Program Rule. The proposed amendments and new
section clarify program requirements.
FISCAL NOTE. Timothy K. Irvine, Executive Director, has de-
termined that, for each year of the first five years the amend-
ments and new section are in effect, enforcing or administering
the amendments and new section does not have any foresee-
able changes related to costs or revenues of the state or local
governments.
PUBLIC BENEFIT/ COST NOTE. Mr. Irvine also has determined
that, for each year of the first five years the amendments and new
section are in effect, the public benefit anticipated, as a result of
the amendments and new section, will be improved efficiency in
reviewing an application for multifamily funding. There will not be
any additional economic cost to any persons required to comply
with the amendments or new section.
ADVERSE IMPACT ON SMALL OR MICRO-BUSINESSES OR
RURAL COMMUNITIES. The Department has determined that
there will be no new economic effect on small or micro-busi-
nesses or rural communities.
REQUEST FOR PUBLIC COMMENT. The public comment pe-
riod will be held October 27, 2017, through November 27, 2017,
to receive input on the amendments and new section. Written
comments may be submitted to the Texas Department of Hous-
ing and Community Affairs, Andrew Sinnott, Rule Comments,42 TexReg 5962 October 27, 2017 Texas Register
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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/m1/50/?q=%22%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.