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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 10. GENERAL GOVERNMENT |
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Subtitle G. ECONOMIC DEVELOPMENT PROGRAMS INVOLVING BOTH STATE AND LOCAL GOVERNMENTS |
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Chapter 2306. TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS |
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Subchapter DD. LOW INCOME HOUSING TAX CREDIT PROGRAM |
Sec. 2306.6711. ALLOCATION OF HOUSING TAX CREDITS
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(a) The director shall provide the application scores to the board before the 30th day preceding the date the board begins to issue commitments for housing tax credits in the allocation round.
(b) Not later than the deadline specified in the qualified allocation plan, the board shall issue commitments for available housing tax credits based on the application evaluation process provided by Section 2306.6710. The board may not allocate to an applicant housing tax credits in any unnecessary amount, as determined by the department's underwriting policy and by federal law, and in any event may not allocate to the applicant housing tax credits in an amount greater than $3 million in a single application round or to an individual development more than $2 million in a single application round.
(c) Concurrently with the initial issuance of commitments for housing tax credits under Subsection (b), the board shall establish a waiting list of additional applications ranked by score in descending order of priority based on set-aside categories and regional allocation goals.
(d) The board shall issue commitments for housing tax credits with respect to applications on the waiting list as additional credits become available.
(e) Not later than the 120th day after the date of the initial issuance of commitments for housing tax credits under Subsection (b), the department shall provide to an applicant who did not receive a commitment under that subsection an opportunity to meet and discuss with the department the application's deficiencies and scoring.
(f) The board may allocate housing tax credits to more than one development in a single community, as defined by department rule, in the same calendar year only if the developments are or will be located more than two linear miles apart. This subsection applies only to communities contained within counties with populations exceeding one million.