Texas Register, Volume 38, Number 39, Pages 6341-6746, September 27, 2013 Page: 6,364
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(C) is regarded as having such an impairment, to in-
clude persons with severe mental illness and persons with substance
abuse disorders.
(91) Physical Needs Assessment--See Property Condition
Assessment.
(92) Place--An area defined as such by the United States
Census Bureau, which, in general, includes an incorporated city, town,
or village, as well as unincorporated areas know as census designated
places. The Department may provide a list of Places for reference.
(93) Post Carryover Activities Manual--The manual pro-
duced and amended from time to time by the Department which ex-
plains the requirements and provides guidance for the filing of post-car-
ryover activities, or for Tax Exempt Bond Developments, the require-
ments and guidance for post Determination Notice activities.
(94) Potential Demand--The number of income-eligible,
age-, size-, and tenure-appropriate target households in the designated
market area at the proposed placement in service date.
(95) Primary Market (PMA)--Sometimes referred to as
"Primary Market Area." The area defined by the Market Analyst as
described in 10.303 of this chapter from which a proposed or existing
Development is most likely to draw the majority of its prospective
tenants or homebuyers.
(96) Primary Market Area--See Primary Market.
(97) Principal--Persons that will exercise Control over a
partnership, corporation, limited liability company, trust, or any other
private entity. In the case of:
(A) partnerships, Principals include all General Part-
ners, special limited partners, and Principals with ownership interest;
(B) corporations, Principals include any officer autho-
rized by the board of directors, regardless of title, to act on behalf of
the corporation, including but not limited to the president, vice presi-
dent, secretary, treasurer and all other executive officers, and each stock
holder having a 10 percent or more interest in the corporation and any
individual who has Control with respect to such stock holder; and
(C) limited liability companies, Principals include all
managers, managing members, members having a 10 percent or more
interest in the limited liability company, any individual Controlling
such members, or any officer authorized to act on behalf of the lim-
ited liability company.
(98) Pro Forma Rent--For a restricted Unit, the lesser of
the Net Program Rent or the Market Rent. For an unrestricted unit,
the Market Rent. Contract Rents, if applicable, will be used as the Pro
Forma Rent.
(99) Property--The real estate and all improvements
thereon which are the subject of the Application (including all items of
personal property affixed or related thereto), whether currently existing
or proposed to be built thereon in connection with the Application.
(100) Property Condition Assessment (PCA)--Sometimes
referred to as "Physical Needs Assessment," "Project Capital Needs
Assessment," or "Property Condition Report." The PCA provides an
evaluation of the physical condition of an existing Property to evaluate
the immediate cost to rehabilitate and to determine costs of future capi-
tal improvements to maintain the Property. The PCA must be prepared
in accordance with 10.306 of this chapter (relating to Property Con-
dition Assessment Guidelines) as it relates to a specific Development.
(101) Qualified Contract (QC)--A bona fide contract to ac-
quire the non-low-income portion of the building for fair market valueand the low-income portion of the building for an amount not less than
the Applicable Fraction (specified in the LURA) of the calculation as
defined within 42(h)(6)(F) of the Code.
(102) Qualified Contract Price ("QC Price")--Calculated
purchase price of the Development as defined within 42(h)(6)(F) of
the Code and as further delineated in 10.408 of this chapter (relating
to Qualified Contract Requirements).
(103) Qualified Contract Request (Request)--A request
containing all information and items required by the Department
relating to a Qualified Contract.
(104) Qualified Elderly Development--A Development
which is operated with property-wide age restrictions for occupancy
and which meets the requirements of "housing for older persons"
under the federal Fair Housing Act. The age restrictions associated
with or character of such a Development are sometimes referred to as
"Qualified Elderly".
(105) Qualified Nonprofit Organization--An organization
that meets the requirements of 42(h)(5)(C) of the Code for all pur-
poses, and for an allocation in the nonprofit set-aside or subsequent
transfer of the property, meets the requirements of Texas Government
Code, 2306.6706 and 2306.6729, and 42(h)(5) of the Code.
(106) Qualified Nonprofit Development--A Development
which meets the requirements of 42(h)(5) of the Code, includes the re-
quired involvement of a Qualified Nonprofit Organization, and is seek-
ing Competitive Housing Tax Credits.
(107) Qualified Purchaser--Proposed purchaser of the De-
velopment who meets all eligibility and qualification standards stated
in the Qualified Allocation Plan of the year the Request is received,
including attending, or assigning another individual to attend, the De-
partment's Property Compliance Training.
(108) Reconstruction--The demolition of one or more
residential buildings in an Existing Residential Development and the
re-construction of an equal number of units or less on the Development
Site. At least one unit must be reconstructed in order to qualify as
Reconstruction.
(109) Rehabilitation--The improvement or modification of
an Existing Residential Development through alteration, incidental ad-
dition or enhancement. The term includes the demolition of an Ex-
isting Residential Development and the Reconstruction of a Develop-
ment on the Development Site, but does not include Adaptive Reuse.
(2306.004(26-a)) More specifically, Rehabilitation is the repair, re-
furbishment and/or replacement of existing mechanical and structural
components, fixtures and finishes. Rehabilitation will correct deferred
maintenance, reduce functional obsolescence to the extent possible and
may include the addition of: energy efficient components and appli-
ances, life and safety systems; site and resident amenities; and other
quality of life improvements typical of new residential Developments.
(110) Related Party--As defined in Texas Government
Code, 2306.6702.
(111) Relevant Supply--The supply of Comparable Units
in proposed and Unstabilized Developments targeting the same popu-
lation including:
(A) the proposed subject Units;
(B) Comparable Units in another proposed develop-
ment within the PMA with a priority Application over the subject,
based on the Department's evaluation process described in 10.201(6)
of this chapter (relating to Procedural Requirements for Application38 TexReg 6364 September 27, 2013 Texas Register
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Texas. Secretary of State. Texas Register, Volume 38, Number 39, Pages 6341-6746, September 27, 2013, periodical, September 27, 2013; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth342084/m1/24/: accessed May 2, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.