Section 12.8 - Refunding Application Process(a) Application Submission. Owners who wish to refund or modify tax-exempt bonds that were previously issued by the Department must submit to the Department a summary of the proposed refunding plan or modifications. To the extent such modifications constitute a re-issuance under state law the Applicant shall then be required to submit a refunding Application in the form prescribed by the Department pursuant to the Bond Refunding Application Procedures Manual.(b) Bond Documents. Once the Department has received the refunding Application and the Applicant has deposited funds to pay initial costs, the Department's bond counsel will draft the necessary Bond documents.(c) Public Hearings. Depending on the proposed modifications to existing Bond covenants a public hearing may be required. Such hearing must take place prior to obtaining Board approval and must meet the requirements pursuant to § 12.7(d) of this chapter (relating to Full Application Process) regarding the presence of a member of the Development Team and providing a summary of proposed Development changes.(d) Rule Applicability. Refunding Applications must meet the applicable requirements pursuant to Chapter 11 of this title (relating to Housing Tax Credit Program Qualified Allocation Plan). At the time of the original award the Application would have been subject to eligibility and threshold requirements under the QAP in effect the year the Application was awarded. Therefore, it is anticipated the Refunding Application would not be subject to the site and development requirements and restrictions pursuant to § 11.101 of this title (relating to Site and Development Requirements and Restrictions). The circumstances surrounding a refunding Application are unique to each Development; therefore, upon evaluation of the refunding Application, the Department is authorized to utilize its discretion in the applicability of the Department's rules as it deems appropriate.10 Tex. Admin. Code § 12.8
The provisions of this §12.8 adopted to be effective January 8, 2013, 38 TexReg 128; amended by Texas Register, Volume 40, Number 01, January 2, 2015, TexReg 59, eff. 1/8/2015; Adopted by Texas Register, Volume 41, Number 01, January 1, 2016, TexReg 237, eff. 1/7/2016; Adopted by Texas Register, Volume 41, Number 53, December 30, 2016, TexReg 10586, eff. 1/4/2017; Adopted by Texas Register, Volume 42, Number 52, December 29, 2017, TexReg 7667, eff. 1/4/2018; Amended by Texas Register, Volume 43, Number 49, December 7, 2018, TexReg 7886, eff. 12/10/2018; Adopted by Texas Register, Volume 44, Number 47, November 22, 2019, TexReg 7164, eff. 11/28/2019; Adopted by Texas Register, Volume 45, Number 47, November 20, 2020, TexReg 8313, eff. 11/26/2020; Adopted by Texas Register, Volume 46, Number 48, November 26, 2021, TexReg 8036, eff. 12/2/2021; Adopted by Texas Register, Volume 47, Number 47, November 25, 2022, TexReg 7867, eff. 12/4/2022; Adopted by Texas Register, Volume 48, Number 47, November 24, 2023, TexReg 6896, eff. 11/30/2023; Adopted by Texas Register, Volume 49, Number 47, November 22, 2024, TexReg 9500, eff. 11/27/2024