Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 13 - MULTIFAMILY DIRECT LOAN RULE › Section 13.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise. Any capitalized terms not specifically mentioned in this section
				  shall have the meaning as defined in Tex. Gov't Code, Chapter 2306;
				  §§141, 142, and 145 of the Internal Revenue Code; 24 CFR Parts 91,
				  92, and 93; 2 CFR Part 200; and 10 TAC Chapters 1 of this title regarding
				  Administration, 2 of this title regarding Enforcement, 10 of this title
				  regarding Uniform Multifamily Rules, and 11 of this title regarding the
				  Qualified Allocation Plan.
(1)
				Application Acceptance Date--The date the MFDL Application is considered
				received by the Department as described in this chapter, chapter 11 of this
				title, or in the NOFA.
(2)
				Community Housing Development Organization (CHDO)--A private nonprofit
				organization with experience developing or owning affordable rental housing
				that meets the requirements in 24 CFR Part 92 for purposes of receiving HOME
				Investment Partnerships Program (HOME) funds under the CHDO Set-Aside. A member
				of a CHDO's board cannot be a Principal of the Development beyond their role as
				a board member of the CHDO or be an employee of the development team, and may
				not receive financial benefit other than reimbursement of expenses from the
				CHDO (e.g., a voting board member cannot also be a paid executive).
(3) Construction Completion or Development
				Period--The Development Period is the time allowed to complete construction,
				which includes, without limitation, that necessary title transfer requirements
				and construction work has been fully performed, the certificate(s) of occupancy
				(if New Construction or reconstruction), Certificate of Substantial Completion
				(AIA Form G704), Form HUD-92485 (for instances in which a federally insured HUD
				loan is utilized), or equivalent notice has been issued.
(4) Deobligated Funds--The funds released by
				the Development Owner or recovered by the Department canceling a Contract or
				award involving some or all of a contractual financial obligation between the
				Department and a Development Owner or Applicant.
(5) Federal Affordability Period--The period
				commencing on the later of the date after Construction Completion and after all
				Direct Loan funds have been disbursed for the project, or the date of Project
				Completion as defined in 24
				CFR §
										92.2 or §
									93.3, as applicable, and ending on
				the date which is the required number of years as defined by the federal
				program.
(6) HOME--The HOME
				Investment Partnership Program, authorized by Title II of the Cranston-Gonzalez
				National Affordable Housing Act.
(7) HOME Match-Eligible Unit--A Unit in the
				Development that is not assisted with HOME Program funds, but would qualify as
				eligible for Match under 24 CFR Part 92 . Unless otherwise identified by the
				provisions in the NOFA, TCAP RF and matching contribution on NSP and NHTF
				Developments must meet all criteria to be classified as HOME-Match Eligible
				Units.
(8) Housing Contract System
				(HCS)--The electronic information system established by the Department for
				tracking, funding, and reporting Department Contracts and Developments. The HCS
				is primarily used by the Department for Direct Loan Programs administered by
				the Department.
(9) Land Use
				Restriction Agreement (LURA) Term--The period commencing on the effective date
				of the LURA and ending on the date which, at a minimum, is the greater of the
				loan term or 30 years. The LURA may include the Federal Affordability Period,
				in addition to the State Affordability Period requirements and State
				restrictive criteria.
(10) Matching
				Contribution (Match)--A contribution to a Development from nonfederal sources
				that may be in one or more of the forms provided in subparagraphs (A) through
				(E) of this paragraph:
(A) Cash contribution
				(grant), except for cash contributions made by investors in a limited
				partnership or other business entity subject to pass through tax benefits in a
				tax credit transaction or owner equity (including Deferred Developer Fee and
				General Partner advances);
(B)
				Reduced fees or donated labor from certain eligible contractors,
				subcontractors, architects, attorneys, engineers, excluding any contributions
				from a party related to the Developer or Owner;
(C) Net present value of yield foregone from
				a below market interest rate loan as described in HUD Community Planning and
				Development (CPD) Notice 97-03;
(D)
				Waived or reduced fees or taxes from cities or counties not related to the
				Applicant in connection with the proposed Development; or
(E) Donated land or land sold by an unrelated
				third party at a price below market value, as evidenced by a third party
				appraisal.