(a) A certificate of reservation for an application within the categories described by Government Code §1372.022(a)(1) and (2) shall expire at the close of business on the 210th calendar day after the date on which the reservation is given. A certificate of reservation for an application within the category described by Government Code §1372.022(a)(4), or an application for a qualified residential rental project contained in category Government Code §1372.022(a)(5), shall expire at the close of business on the 180th calendar day after the date on which the reservation is given. A certificate of reservation for an application within the categories described by Government Code §1372.022(a)(3) and (5), excluding applications for qualified residential rental projects contained in category Government Code §1372.022(a)(5), shall expire at the close of business on the 150th calendar day after the date on which the reservation is given. A certificate of reservation for an application for a qualified nonprofit corporation issuer of qualified student loan bonds shall expire at the close of business on the 210th calendar day after the date on which the reservation is given.
(b) Prior to the expiration date of the reservation, the issuer may give notice to the board that the reservation will not be used, and the amount will be added to the appropriate state ceiling.
(c) If an issuer for an application within the category described by Government Code §1372.022(a)(4), or an application for a qualified residential rental project contained in category Government Code §1372.022(a)(5) fails to close on the bonds on or before the 180th calendar day after which the reservation was granted and fails to withdraw the application on or before the 150th calendar day after which the reservation was granted, the issuer must pay the full closing fee provided by Government Code §1372.006(b) not later than the 185th calendar day after which the reservation was granted. The issuer will not receive a subsequent reservation of allocation or be permitted to file an application for reservation until the fee has been paid to the board.

Source Note: The provisions of this §190.6 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective December 21, 1995, 20 TexReg 10389; amended to be effective October 8, 1997, 22 TexReg 9895; amended to be effective October 6, 1999, 24 TexReg 8566; amended to be effective February 27, 2002, 27 TexReg 1338; amended to be effective September 18, 2003, 28 TexReg 8136; amended to be effective December 2, 2019, 44 TexReg 7403; amended to be effective October 13, 2021, 46 TexReg 6948; amended to be effective October 11, 2023, 48 TexReg 5825