- (a) Commitment periods may be set for a period of up to five years. The minimum interest rate reduction for the multi-year commitments will be established for the five year period based on the interest rate reduction prescribed in the IUP for the first year's commitment.
- (b) This option is only available for projects that do not receive principal forgiveness based on the affordability criteria. However, the entity receiving a multi-year commitment may receive principal forgiveness for the other eligible options, such as principal forgiveness for green projects, for the amount of funds committed for the initial year.
- (c) Any entity receiving a multi-year commitment must annually re-confirm its anticipated funding commitments established with the initial commitment.
Source Note:The provisions of this §375.45 adopted to be effective July 4, 2016, 41 TexReg 4853.