Sec. 2306.6731.  ALLOCATION DECISION;  REEVALUATION.  (a)  Department staff shall provide written, documented recommendations to the board concerning the financial or programmatic viability of each application for a low income housing tax credit before the board makes a decision relating to the allocation of tax credits.  The board may not make without good cause an allocation decision that conflicts with the recommendations of department staff.
(b)  Regardless of project stage, the board must reevaluate a project that undergoes a substantial change between the time of initial board approval of the project and the time of issuance of a tax credit commitment for the project.  The board may revoke any tax credit commitment issued for a project that has been unfavorably reevaluated by the board under this subsection.
Added by Acts 1997, 75th Leg., ch. 980, Sec. 49, eff. Sept. 1, 1997.  Renumbered from Sec. 2306.675 and amended by Acts 2001, 77th Leg., ch. 1367, Sec. 8.01, eff. Sept. 1, 2001.