Section 1372.037 - Limitations on Granting of Reservations for Individual Projects(a) Before August 15 the board may not grant for any single project a reservation for that year that is greater than: (1) if the issuer is an issuer of qualified mortgage bonds, other than the Texas Department of Housing and Community Affairs or the Texas State Affordable Housing Corporation, the greater of: (B) 1.70 percent of the available state ceiling;(2) if the issuer is an issuer of a state-voted issue, other than the Texas Higher Education Coordinating Board, the greater of: (B) 3.40 percent of the available state ceiling;(3) if the issuer of a state-voted issue is the Texas Higher Education Coordinating Board, the greater of: (B) 6.80 percent of the available state ceiling;(4) if the issuer is an issuer of qualified small issue bonds and enterprise zone facility bonds, the amount to which the Internal Revenue Code limits issuers of those bonds;(5) if the issuer is an issuer of qualified residential rental project bonds, the greater of: (B) 1.70 percent of the available state ceiling; or(6) if the issuer is any other issuer of bonds that require an allocation, the greater of: (B) 3.40 percent of the available state ceiling.(b) This subsection applies only to projects that are granted a reservation of a portion of the available state ceiling for a program year under Subsection (a)(5). If for a program year the total amount of qualified residential rental project bonds for which reservations are sought exceeds, as of October 20 of the preceding year, 55.75 percent of the state ceiling, the amount of bonds issued to each project may not exceed 55 percent of the reasonably expected aggregate basis of the project and the land on which the project is or will be located. Tex. Gov't. Code § 1372.037
Amended by Acts 2023, Texas Acts of the 88th Leg.- Regular Session, ch. 1006,Sec. 4, eff. 6/18/2023.Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 992,Sec. 21, eff. 9/1/2019, op. for the allocation of the available state ceiling under this Chapter beginning with the 2020 program year.Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 992,Sec. 13, eff. 9/1/2019, op. for the allocation of the available state ceiling under this Chapter beginning with the 2020 program year.Amended By Acts 2009, 81st Leg., R.S., Ch. 1416, Sec. 12, eff. 6/19/2009.Amended By Acts 2007, 80th Leg., R.S., Ch. 544, Sec. 5, eff. 9/1/2007.Amended By Acts 2007, 80th Leg., R.S., Ch. 1108, Sec. 11, eff. 9/1/2007.Amended By Acts 2005, 79th Leg., Ch. 600, Sec. 1, eff. 6/17/2005.Amended by Acts 2003, 78th Leg., ch. 1329, Sec. 13, eff. 9/1/2003.Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.