The Texas Bond Review Board (“TBRB”) has announced that there will be a 2018 Private Activity Bond (“PAB”) Lottery for purposes of securing volume cap from the 2018 ceiling. The 2018 application period is from Thursday, Oct. 5, 2017, to Friday, Oct. 20, 2017. Applicants are not required to participate in the PAB Lottery, as applications can still be submitted to the Bond Review Board throughout the 2018 program year and reservations will be issued as volume cap is available.

To be eligible to participate in the lottery, issuer’s must submit the complete PAB application to the TBRB by Friday, Oct. 20, 2017, at 5 p.m., Austin local time. Applicants will need to speak with their Issuer to determine filing deadlines associated with the Inducement Resolution.

The lottery will be held on Thursday, Nov. 2, 2017, at 10 a.m., Austin local time, Capitol Extension Room E2.026 of the Texas State Capitol, 1100 Congress Ave., in Austin, Texas.

Applicants who receive advance notice that a Certificate of Reservation will be issued in January 2018 must submit a notice to the Texas Department of Housing and Community Affairs (“TDHCA”) no later than Friday, Dec. 8, 2017. TDHCA will post the form Notice to Submit Lottery Application on its website at the following link: http://www.tdhca.state.tx.us/multifamily/apply-for-funds.htm.

Instructions on to whom the form should be sent will be included on the form. The complete Housing Tax Credit (“HTC”) application (including ALL third party reports) must be submitted no later than Friday, Dec. 15, 2017, at 5 p.m., Austin local time. TDHCA anticipates posting the 2018 Uniform Multifamily Application to its website on Friday, Nov. 17, 2017, at 5 p.m., Austin local time, at: http://www.tdhca.state.tx.us/multifamily/apply-for-funds.htm.

Applications on the waiting list (i.e., those who participated in lottery but will not receive a Certificate of Reservation in January 2018) will have three (3) days to submit Parts 1-4 of the HTC application once a Notice of Reservation is received. The remaining parts of the HTC application must be submitted no later than 75 days prior to the board meeting at which the decision for 4% Non-competitive Housing Tax Credits will be made.

Questions about this email should be directed to TDHCA Multifamily Manager Teresa Morales at teresa.morales@tdhca.state.tx.us or 512-475-3344.