(a) The board may independently establish a rate reduction (percent and amount) from time to time in its sole discretion to be eligible in the form of a rebate to qualifying eligible borrowers; however, in any one calendar year, the rate reduction per eligible borrower shall not exceed three percentage points or a maximum amount of $10,000.
(b) The interest rebate payment is calculated for the term and amount of the guarantee commitment provided by the Authority.
(c) The eligible borrower and lender must agree to all the criteria for the program found in this subchapter.
(d) The lender must agree to provide the necessary information to the eligible borrower to verify the interest payment on the guaranteed loan.
(e) To verify the amount of interest paid the eligible borrower must submit one or more of the following to the Authority:
  (1) A payment remittance advice from the lender that identifies the amount of the interest paid by the eligible borrower on the guaranteed loan;
  (2) A copy of the lender's transaction history for the loan identifying the application of the payment; or
  (3) Any other documentation required by the Authority that verifies the calculation of the total interest paid by the approved applicant on the guaranteed loan.
(f) The Authority will notify the eligible applicant in writing if the verification documentation is deemed insufficient for processing.
(g) Within 30 days of receipt of proper verification documentation, the Authority will prepare and present documentation to the comptroller for issuance of a voucher from the account.
(h) The Authority will file appropriate federal tax statements each year as required by the United States Internal Revenue Code.

Source Note: The provisions of this §28.36 adopted to be effective September 1, 2009, 34 TexReg 5902; amended to be effective July 12, 2021, 46 TexReg 4134