Texas § TX.171.551 - DEFINITIONS

§ TX.171.551. DEFINITIONS

DEFINITIONS. In this subchapter: (1) "Allocation certificate" means a statement issued by the department certifying that a qualified development qualifies for credits under this subchapter and Chapter 233 , Insurance Code, specifying the total amount of the credits awarded in connection with the qualified development for the credit period, and specifying the amount of credit that may be claimed each year for each building that is part of the qualified development. (2) "Credit" means the low-income housing development tax credit authorized by this subchapter. (3) "Credit period" means, with respect to a building that is part of a qualified development, the period of 10 tax years beginning with the tax year in which the building is placed in service. (4) "Department" means the Texas Department of Housing and Community Affairs. (5) "Development" has the meaning assigned by Section 2306.6702 , Government Code. (6) "Federal tax credit" means the federal low-income housing credit created by Section 42, Internal Revenue Code. (7) "Qualified basis" means the qualified basis of a qualified development, as determined under Section 42, Internal Revenue Code. (8) "Qualified development" means a development in this state: (A) for which the department awards or allocates a federal tax credit through the issuance of a carryover allocation agreement or determination notice; (B) that has not had an allocation of federal tax credits terminated by or at the direction of the department; (C) that is the subject of a recorded restrictive covenant requiring the development to be maintained and operated as a qualified development that has not been terminated and is not subject to termination through any process other than the natural expiration of the covenant's extended use period; (D) that meets all applicable requirements of the qualified allocation plan, as defined by Section 2306.6702 , Government Code; and (E) for the duration of the extended use period established in the land use restriction agreement, as defined by Section 2306.6702 (a)(9), Government Code, is in compliance with: (i) all accessibility and adaptability requirements for a federal tax credit; and (ii) Title VIII of the Civil Rights Act of 1968 (42 U.S.C. Section 3601 et seq.). (9) "State housing credit ceiling" means $25 million of credits each award year. Added by Acts 2023, 88th Leg., R.S., Ch. 811 (H.B. 1058 ), Sec. 1, eff. January 1, 2024.