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A BILL TO BE ENTITLED
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AN ACT
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relating to the provision of free notary public service by |
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applicants for an allocation of low income housing tax credits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.6710(b), Government Code, is |
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amended to read as follows: |
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(b) If an application satisfies the threshold criteria, the |
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department shall score and rank the application using a point |
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system that: |
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(1) prioritizes in descending order criteria |
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regarding: |
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(A) financial feasibility of the development |
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based on the supporting financial data required in the application |
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that will include a project underwriting pro forma from the |
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permanent or construction lender; |
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(B) quantifiable community participation with |
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respect to the development, evaluated on the basis of written |
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statements from any neighborhood organizations on record with the |
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state or county in which the development is to be located and whose |
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boundaries contain the proposed development site; |
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(C) the income levels of tenants of the |
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development; |
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(D) the size and quality of the units; |
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(E) the commitment of development funding by |
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local political subdivisions; |
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(F) the level of community support for the |
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application, evaluated on the basis of written statements from |
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state elected officials; |
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(G) the rent levels of the units; |
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(H) the cost of the development by square foot; |
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and |
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(I) the services to be provided to tenants of the |
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development; [and] |
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(2) uses criteria imposing penalties on applicants or |
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affiliates who have requested extensions of department deadlines |
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relating to developments supported by housing tax credit |
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allocations made in the application round preceding the current |
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round or a developer or principal of the applicant that has been |
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removed by the lender, equity provider, or limited partners for its |
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failure to perform its obligations under the loan documents or |
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limited partnership agreement; and |
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(3) encourages applicants to provide free notary |
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public service to the residents of the developments for which the |
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allocation of housing tax credits is requested. |
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SECTION 2. The changes in law made by this Act relating to |
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the evaluation of applications for financial assistance |
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administered by the Texas Department of Housing and Community |
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Affairs apply only to an application submitted on or after the |
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effective date of this Act. An application submitted before the |
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effective date of this Act is governed by the law in effect when the |
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application was submitted, and the former law is continued in |
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effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2007 |
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