Form 50-310 - Application For Constructing Or Rehabilitating Low-Income Housing Property Tax Exemption Page 4

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P r o p e r t y T a x

Application For Constructing or Rehabilitating Low-Income Housing Property Tax Exemption

Form 50-310

STEP 7: Answer the Following Questions About the Organization (continued)

About policies, bylaws or charter, answer these questions:

1. Does the organization have a formal policy containing procedures for giving notice to and receiving advice from low-income

households residing in the county in which a housing project is located regarding the design, siting, development and

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management of affordable housing projects? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If “Yes,” attach a copy of the formal policy.

2. Does the organization perform, or does its charter permit it to perform, any functions other than those of providing

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low-income housing? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If “Yes,” attach a statement describing the other functions in detail.

3. Do the by-laws or charter direct that on the discontinuance of the organization the organization’s assets are to be

transferred to the State of Texas, to the United States, or to an educational, religious, charitable or other similar

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organization that is qualified for exemption under Sec. 501(c)(3), Internal Revenue Code, as amended? . . . . . . . . . . . . . . .

Yes

______

If “Yes,” give the page and paragraph numbers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Page

Paragraph

If “No,” do these documents direct that on discontinuance of the organization the organization’s assets are to be transferred

to members who have promised in their membership applications to immediately transfer them to the State of Texas, to the

United States, or to an educational, religious, charitable or other similar organization that is qualified for exemption under

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Sec. 501(c)(3), Internal Revenue Code, as amended? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

______

If “Yes,” give the page and paragraph numbers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Page

Paragraph

If “Yes,” was the two-step transfer required for the organization to qualify for exemption under Sec. 501(c)(12),

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Internal Revenue Code, as amended? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

STEP 8: Provide Information About the Use of the Property

1. Does the organization currently rent or sell or plan to rent or sell dwelling units in this building to individuals or families?

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If so, attach rent schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rent

Sell

2. Questions regarding renting dwelling units:

Do/will the individuals and families have a median income that is not more than 60 percent of either the area or statewide

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median family income? (Complete A or B): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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A. Area median family income for the household’s place of residence, as adjusted for family size and as established

______________

by the United States Department of Housing and Urban Development, which is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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B. Statewide area median family income, as adjusted for family size and as established by the United States

______________

Department of Housing and Urban Development, which is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

What is the annual total of the monthly rent charged or to be charged for each dwelling unit in this building that is

___________

reserved for an individual or family? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

/year

Will the organization be renting or offering to rent the applicable square footage of dwelling units in this building to

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qualified individuals and families by the third anniversary of the date the organization acquired this property? . . . . . . . . . . . . .

Yes

3. Questions regarding selling dwelling units:

Do/will the individuals and families have a median income that is below either the area or statewide median family

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income? (Complete A or B): . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

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A. Area median family income for the household’s place of residence, as adjusted for family size and as established

______________

by the United States Department of Housing and Urban Development, which is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



B. Statewide area median family income, as adjusted for family size and as established by the United States

______________

Department of Housing and Urban Development, which is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

___________

4. How many dwelling units does/will the above described property have? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

units

5. What percentage of the total square footage of the dwelling units in this building described above are/will be reserved for

_____________

individuals or families noted in question No. 1 above? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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