Section 23.40 - Contract for Deed (CFD) Threshold and Selection CriteriaDocumentation that the Applicant can commit at least $40,000 in cash reserves to facilitate administration of the program and to ensure the capacity to cover costs prior to reimbursement or costs determined to be ineligible for reimbursement. The amount of the cash reserve commitment must be included in the Applicant's resolution. To meet this requirement, Applicants must submit:
(1) financial statements indicating adequate local unrestricted cash or cash equivalents to utilize as cash reserves and a letter from the Applicant's bank(s) or financial institution(s) indicating that current account balances are sufficient; or(2) evidence of an available line of credit or equivalent in an amount equal to or exceeding the requirement in this subsection.10 Tex. Admin. Code § 23.40
The provisions of this §23.40 adopted to be effective October 31, 2012, 37 TexReg 8486; amended to be effective January 5, 2014, 38 TexReg 9497; Adopted by Texas Register, Volume 40, Number 34, August 21, 2015, TexReg 5327, eff. 8/30/2015; Adopted by Texas Register, Volume 42, Number 30, July 28, 2017, TexReg 3760, eff. 8/3/2017; Adopted by Texas Register, Volume 45, Number 47, November 20, 2020, TexReg 8331, eff. 11/26/2020; Adopted by Texas Register, Volume 49, Number 12, March 22, 2024, TexReg 1904, eff. 3/28/2024