Tex.
Gov't Code Section 1372.0231
Dedication of Portion of State Ceiling Available for Qualified Residential Rental Project Bonds
(a)
Until August 15, of that portion of the state ceiling that is available exclusively for reservations by issuers of qualified residential rental project bonds:(1)
20 percent is available exclusively to the Texas Department of Housing and Community Affairs in the manner described by Subsection (b);(2)
70 percent is available exclusively to housing finance corporations in the manner described by Subsections (c)-(f); and(3)
10 percent is available exclusively to the Texas State Affordable Housing Corporation in the manner described by Subsection (b-1).(b)
With respect to the amount of the state ceiling set aside under Subsection (a)(1), the board shall grant reservations at the direction of the Texas Department of Housing and Community Affairs as provided by Section 2306.359 (Issuance of Private Activity Bonds) and in a manner that ensures that the set-aside amount is used for proposed projects that are located throughout the state.(b-1)
With respect to the amount of the state ceiling set aside under Subsection (a)(3), the board shall issue qualified residential rental project bonds and allocate bond funds at the direction of the Texas State Affordable Housing Corporation as provided by Section 2306.565 (Issuance of Qualified Residential Rental Project Bonds; Allocation of Bond Funds). Issuances made by the board under this subsection are subject to review and approval by the board under Section 1231.041 (Approval of State Security).(c)
Repealed by Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 21(2), eff. September 1, 2019.(d)
Except as provided by Subsection (i), before March 1, the board shall apportion the amount of the state ceiling set aside under Subsection (a)(2) among the uniform state service regions according to the percentage of the state’s population that resides in each of those regions.(e)
Repealed by Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 21(2), eff. September 1, 2019.(f)
In each area described by Subsection (d), the board shall grant reservations based on the priority levels of proposed projects as described by Section 1372.0321 (Priorities for Reservations Among Issuers of Qualified Residential Rental Project Issues).(g)
On or after March 1, the board may not grant available reservations to housing finance corporations described by Subsection (a) based on uniform state service regions or any segments of those regions.(h)
Allocations by the board at the direction of the Texas Department of Housing and Community Affairs under Subsection (b) are subject to review and approval by the board as provided by Section 1231.041 (Approval of State Security).(i)
Before March 1, the board shall apportion the amount of the state ceiling set aside under Subsection (a)(2) only among uniform state service regions with respect to which an issuer has submitted an application for a reservation of the state ceiling before March 1.(j)
An application by an issuer of qualified residential rental project bonds that is submitted after the deadline for eligibility to participate in the lottery has a priority lower than that of every application submitted before that date.
Source:
Section 1372.0231 — Dedication of Portion of State Ceiling Available for Qualified Residential Rental Project Bonds, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1372.htm#1372.0231 (accessed Jun. 5, 2024).
