Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 24 - TEXAS BOOTSTRAP LOAN PROGRAM RULE › Section 24.8 - Criteria for Funding and Reservations

Current through Reg. 49, No. 28; July 12, 2024
(a) The Department
				will distribute Program funds in accordance with the Texas Housing Trust Fund
				(Texas HTF) Plan in effect at the time. The Department will publish an
				announcement for a NOFA in the
Texas Register
and post the
				NOFA on the Department's website. The rules referenced in §
									24.1 of this Chapter (relating to
				Purpose) and the NOFA will establish and define the terms, conditions, and
				maximum Reservation amounts allowed per Administrator. The Department may also
				set a deadline for receiving Reservations or Applications. The NOFA will
				indicate the approximate amount of available funds. The Department may increase
				the amount of funds made available through the NOFA from time to time without
				republishing the NOFA in the
Texas Register.
Such increases
				will be reflected on the Department's website.
(b) Any Reservation containing false
				information will be disqualified. The Department will review and process all
				Reservations in the order received.
(c) Reservations received by the Department
				in response to a NOFA will be handled as described in paragraphs (1) - (5) of
				this subsection.
(1) The Department will
				accept Reservations until all funds under the NOFA have been committed. The
				Department may limit the eligibility of Reservations in the NOFA.
(2) Each Reservation will be assigned a
				"received date" based on the date and time the Reservation was entered into the
				Texas Bootstrap Loan Program Reservation system. Each Reservation will be
				reviewed in accordance with the Program rules.
(3) Reservations must comply with all
				applicable Texas Bootstrap Loan Program requirements or regulations established
				in this chapter. Reservations that do not comply with such requirements may be
				disqualified. The Administrator will be notified in writing of any cancelled or
				disqualified Reservations.
(4) If a
				Reservation contains deficiencies which, in the determination of the
				Department, require clarification or correction of information submitted at the
				time of the Reservation, the Department may request clarification or correction
				in the form of a deficiency notice to the Administrator. If the Administrator
				is unable to cure any deficiencies within 14 calendar days, the Department may
				decline to fund the Reservation. The Department may provide one 14 calendar day
				extension to the curative deadline outlined in the deficiency notice.
(5) Prior to issuing a Loan Commitment, the
				Department may decline to fund any Reservation entered into the Reservation
				system if the proposed housing Activities do not, in the Department's sole
				determination, represent a prudent use of the Department's funds. The
				Department is not obligated to proceed with any action pertaining to any
				Reservation which are entered, and may decide it is in the Department's best
				interest to refrain from committing the funds. If the Department has issued a
				Loan Commitment, but the Administrator or Owner-Builder Applicant has not
				complied with all the Program rules and guidelines, the Department may suspend
				funding until the Administrator or Owner-Builder Applicant has satisfied all
				requirements of the Program.