Section 23.70 - Homebuyer Assistance with New Construction (HANC) Threshold and Selection Criteria(a) Threshold Match requirement. The Department shall use population figures from the most recently available U.S. Census Bureau's American Community Survey (ACS) as of the date that an Application is first submitted under the NOFA to determine the applicable Threshold Match requirement. The Department may incentivize or provide preference to Applicants committing to provide additional Threshold Match above the requirement of this subsection. Such incentives may be established as selection criteria in the NOFA. Excluding Applications under the disaster relief and persons with disabilities set asides, Threshold Match shall be required based on the tiers described in paragraphs (1) and (2) of this subsection:(1) No Threshold Match is required when:(A) the Service Area includes the entire unincorporated area of a county and where the population of Administrator's Service Area is less than or equal to 20,000 persons; or(B) the Service Area does not include the entire unincorporated area of a county, and the population of the Administrator's Service Area is less than or equal to 3,000 persons.(2) One percent of Direct Activity Costs, exclusive of Match, is required as Match for every 1,000 in population up to a maximum of 15 percent.(b) Cash Reserve Threshold Requirement. When HOME funds will be utilized for construction activities, documentation, as described in paragraphs (1) and (2) of this subsection, must be submitted at the time of Application that demonstrates that the Applicant has at least $40,000 in cash reserves. The cash reserves may be utilized 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.(c) Other Threshold and/or Selection criteria for this Activity may be outlined in the NOFA.10 Tex. Admin. Code § 23.70
The provisions of this §23.70 adopted to be effective October 31, 2012, 37 TexReg 8492; amended to be effective January 5, 2014, 38 TexReg 9498; Adopted by Texas Register, Volume 40, Number 34, August 21, 2015, TexReg 5328, eff. 8/30/2015; Adopted by Texas Register, Volume 42, Number 30, July 28, 2017, TexReg 3767, eff. 8/3/2017; Adopted by Texas Register, Volume 45, Number 47, November 20, 2020, TexReg 8332, eff. 11/26/2020; Adopted by Texas Register, Volume 49, Number 12, March 22, 2024, TexReg 1906, eff. 3/28/2024