Sec. 2306.359. ISSUANCE OF PRIVATE ACTIVITY BONDS. (a) In evaluating an application for an issuance of private activity bonds, the department shall score and rank the application using a point system based on criteria that are adopted by the department, including criteria regarding:
(1) the income levels of tenants of the development, consistent with the funding priorities provided by Section 1372.0321;
(2) the rent levels of the units;
(3) the level of community support for the application;
(4) the period of guaranteed affordability for low income tenants;
(5) the cost per unit of the development;
(6) the size, quality, and amenities of the units;
(7) the services to be provided to tenants of the development; and
(8) other criteria as developed by the board.
(b) The department shall make available on its website details of the scoring system used by the department to score applications.
(c) The department shall underwrite the applications by determining:
(1) that the general contractor's profit, overhead, and general requirements are within the maximum limit published by the department;
(2) that the developer fee for the proposed project does not exceed the maximum amount allowed by the department; and
(3) if applicable, the amount of tax credits available to the proposed development.
(d) In adopting criteria for underwriting applications under this section, the department shall attach additional weight to criteria that will determine the maximum amount that can be awarded that will:
(1) result in an issuance of private activity bonds for developments serving the lowest income tenants; and
(2) produce the greatest number of high-quality units committed to remaining affordable to qualified tenants for extended periods.
Added by Acts 2003, 78th Leg., ch. 330, Sec. 15, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1341 (S.B. 1908), Sec. 25, eff. September 1, 2007.
Last modified: September 28, 2016