Section 11.1826 - Monitoring of Compliance With Low-Income and Moderate-Income Housing Exemptions(a) In this section, "department" means the Texas Department of Housing and Community Affairs.(b) Property may not be exempted under Section 11.1825 for a tax year unless the organization owning or controlling the owner of the property:(1) has an audit prepared by an independent auditor covering the organization's most recent fiscal year that:(A) is conducted in accordance with generally accepted accounting principles; and(B) includes an opinion on whether: (i) the financial statements of the organization present fairly, in all material respects and in conformity with generally accepted accounting principles, the financial position, changes in net assets, and cash flows of the organization; and(ii) the organization has complied with all of the terms and conditions of the exemption under Section 11.1825; and(2) delivers a copy of the audit in accordance with Subsection (c).(c) Not later than the 180th day after the last day of the organization's most recent fiscal year, the organization must deliver a copy of the audit to the department and the chief appraiser of the appraisal district in which the property is located. The chief appraiser may extend the deadline for good cause shown.(d) Notwithstanding any other provision of this section, if the property contains not more than 36 dwelling units, the organization may deliver to the department and the chief appraiser a detailed report and certification as an alternative to an audit.(e) Property may not be exempted under Section 11.182 for a tax year unless the organization owning or controlling the owner of the property complies with this section, except that the audit required by this section must address compliance with the requirements of Section 11.182.(f) All information submitted to the department or the chief appraiser under this section is subject to required disclosure, is excepted from required disclosure, or is confidential in accordance with Chapter 552, Government Code, or other law.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 399 (S.B. 193), Sec. 2, eff. January 1, 2014 Acts 2003, 78th Leg., ch. 1156, Sec. 3, eff. Jan. 1, 2004.