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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. 2306.6713. HOUSING TAX CREDIT AND OWNERSHIP TRANSFERS
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(a) An applicant may not transfer an allocation of housing tax credits or ownership of a development supported with an allocation of housing tax credits to any person other than an affiliate unless the applicant obtains the director's prior, written approval of the transfer.
(b) The director may not unreasonably withhold approval of the transfer.
(c) An applicant seeking director approval of a transfer and the proposed transferee must provide to the department a copy of any applicable agreement between the parties to the transfer, including any third-party agreement with the department.
(d) On request, an applicant seeking director approval of a transfer must provide to the department:
(1) a list of the names of transferees and related parties; and
(2) detailed information describing the experience and financial capacity of transferees and related parties.
(e) The development owner shall certify to the director that the tenants in the development have been notified in writing of the transfer before the 30th day preceding the date of submission of the transfer request to the department.
(f) Not later than the fifth working day after the date the department receives all necessary information under this section, the department shall conduct a qualifications review of a transferee to determine:
(1) the transferee's past compliance with all aspects of the low income housing tax credit program, including land use restriction agreements; and
(2) the sufficiency of the transferee's experience with developments supported with housing tax credit allocations.