All Applicants and Applications must submit or comply with this section.
  (1) An Application for Community Housing Development Organization (CHDO) certification. Applicants must meet the requirement for CHDO certification as defined in Section 13.2 of this Title (relating to the Multifamily Direct Loan Rule).
  (2) The Applicant must provide:
    (A) evidence of a line of credit or equivalent tool of at least $80,000 from a financial institution that will be available for use during the proposed development activities; or
    (B) a letter from a third party Certified Public Accountant (CPA) verifying the capacity of the owner or developer to provide at least $80,000 as a short term loan for development; and
    (C) a letter from the developer's or owner's bank(s) confirming funds amounting to at least $80,000 is available.
  (3) A proposed development plan that is consistent with the requirements of this Chapter, all other federal and state rules, and includes:
    (A) a floor plan and front exterior elevation for each proposed unit which reflects the exterior building composition;
    (B) a FEMA Issued Flood Map that identifies the location of the proposed site(s);
    (C) letters from local utility providers, on company letterhead, confirming each site has access to the following services: water and wastewater, sewer, electricity, garbage disposal and natural gas, if applicable;
    (D) documentation of site control of each proposed lot: A recorded warranty deed with corresponding executed settlement statement; or a contract or option for the purchase of the proposed lots that is valid for at least 120 days from the date of application submission; and
    (E) an "as vacant" appraisal of at least one of the proposed lots if: The Applicant has an Identity of Interest with the seller or current owner of the property; or any of the proposed property is part of a newly developed or under-development subdivision in which at least three other third-party sales cannot be evidenced. The purchase price of any lot in which the current owner has an Identity of Interest must not exceed the appraised value of the vacant lot at the time of Activity submission. The appraised value of the lot may be included in the sales price for the homebuyer transaction.
  (4) The Department may prioritize Applications or otherwise incentivize Applications that partner with other lenders to provide permanent purchase money financing for the purchase of units developed with funds provided under this subchapter.

Source Note: The provisions of this §23.60 adopted to be effective March 28, 2024, 49 TexReg 1902