- (a) The Land Use Restriction Agreement (LURA) for some, but not all, Tax Exempt Bond properties restricts the amount of rent the Development Owner is permitted to charge. If the LURA restricts rent limits, rents will be calculated as 30 percent of the applicable Multifamily Tax Subsidy Program Imputed Income Limit, but never less than the limit taking into consideration the gross rent floor provided in accordance with Revenue Procedure 94-57.
- (b) Tax Exempt Bond LURAs are hereby amended to be consistent with this section.
- (c) The Department will make available a memorandum in a recordable form reflecting the applicable rent limits in accordance with this section and the legal description of the affected property. The owner of the property will bear any costs associated with recording such memorandum in the real property records for the county in which the property is located.
- (d) Nothing in this section prevents a Development Owner from pursuing a Material Amendment to their LURA in accordance with the procedures found in §10.405 of this chapter (relating to Amendments and Extensions).
Source Note:The provisions of this §10.1003 adopted to be effective June 2, 2013, 38 TexReg 3333.