Sec. 2306.184. DISCLOSURE OF FEES. (a) This section does not apply to an application submitted by an individual or family for a loan, grant, or other assistance under a program administered by the department or the Texas State Affordable Housing Corporation or from bonds issued by the department.
(b) An application for a loan, grant, or other assistance for an eligible affordable housing project or activity under a program administered by the department or the Texas State Affordable Housing Corporation or from bonds issued by the department must include:
(1) the name of each person expected to charge the applicant a project development fee or project operation fee;
(2) the nature and amount of each project development fee and project operation fee the applicant is expected to pay; and
(3) any interlocking interests of persons listed under Subdivision (1).
(c) On completion of the project, the applicant shall cost certify the project and include the following:
(1) the name of each person to whom the recipient paid a project development fee or project operation fee during the term of the project;
(2) the nature and amount of each project development fee and project operation fee paid by the recipient during the term of the project; and
(3) any interlocking interests of persons listed under Subdivision (1).
(d) The department shall adopt rules governing penalties and sanctions under this section for a person who:
(1) does not provide the information required by this section; or
(2) knowingly discloses false information.
(e) In this section:
(1) "Project development fee" means a fee charged in connection with the planning, design, or development of an affordable housing project, including an application fee, tax credit consulting fee, development consulting fee, mortgage brokerage fee, and financial advising fee.
(2) "Project operation fee" means a fee charged in connection with the operation, construction, management, or administration of an affordable housing project, including a management fee, asset management fee, incentive management fee, general partner fee, construction supervision fee, and construction management fee.
Added by Acts 1997, 75th Leg., ch. 980, Sec. 28, eff. Sept. 1, 1997.
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