Free 50-263 Application for Community Housing Development Organization Improving Property for Low-Income and Moderate-Income Housing - Texas

50-263 (8-03/3) [11.182 Rule 9.415]

Check one:

Final Exemption

Preliminary Determination of Exemption
YEAR

APPLICATION FOR COMMUNITY HOUSING DEVELOPMENT ORGANIZATION IMPROVING PROPERTY FOR LOW-INCOME AND MODERATE-INCOME HOUSING PROPERTY TAX EXEMPTION PREVIOUSLY EXEMPT IN 2003
Appraisal district name

Phone (area code and number)

Address

This application covers property you owned on January 1 of this year. You must file the completed form between January 1 and no later than April 30 of this year. If the chief appraiser grants the final exemption, you do not need to reapply annually, but you must reapply if the chief appraiser requires you to do so. You must notify the chief appraiser in writing if and when your right to this exemption ends. Please note that the Supplemental Application for Community Housing Development Organization Improving Property for Low-Income and Moderate-Income Housing covers improved and unimproved real property acquired at any time during the year and must be filed not later than the 30th day after you acquire the property. You also must file this Supplemental Application by March 31 of the following year, listing any properties that the organization has acquired or sold in this county that received the exemption in the preceding year. Be sure to attach any additional documents requested. Return the completed form to the address above.

Step 1: Name and address of organization

Name of organization

Present mailing address

City, town or post office, state, ZIP code

Phone (area code and number)

Name of person preparing this application

Driver's License, Personal I.D. Certificate, or Social Security Number*:

Title

Step 2: Form of organization Step 3: Answer the following questions about the organization

Operator of organization (check appropriate box)

Individual

Foundation

Corporation

Trust

If operated by a corporation, is the corporation non-profit as defined by the Texas Non-Profit Corporation act (Art. 1396-1.01 VACS et seq.)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Is the organization organized as a community housing development organization (42 U.S.C. Section 12704)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Does the organization own the property for the purpose of building or repairing housing on it to sell or rent without profit to an individual or family satisfying the organization's low-income or moderate-income eligibility requirements? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Does the organization engage exclusively in the building, repair and sale or rental of housing as described above, and related activities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Does the organization perform, or does its charter permit it to perform, any functions other than those checked in question 3?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If "YES," attach a statement describing the other functions in detail. 5. In the past year has the organization loaned funds to, borrowed funds from, sold property to or bought property from a shareholder, director or member of the organization, or has a shareholder or member sold his interest in the organization for a profit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If "YES," attach a description of each transaction. For sales, give buyer, seller, price paid, value of the property sold and date of sale. For loans, give lender, borrower, amount borrowed, interest rate and term of loan. Attach a copy of note, if any. 6. Attach a list of salaries and other compensation for services paid in the last year. Also list any funds distributed to members, shareholders or directors in the last year. In each case, give recipient's name, type of service rendered or reason for payment and amounts paid. Does the organization operate, or its charter permit to operate, in a manner which permits the accural of profits or distribution of any form of private gain? If yes, please explain on a separate attached page. . . . . . . . Does the organization have an annual audit, including a detailed report on the organization's sources and uses of funds, prepared by an independent auditor? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

No

Yes

No

2.

Yes

No

3.

Yes

No

4.

Yes

No

Yes

No

7.

Yes

No

8.

Yes

No

Please deliver a copy of the annual audit to the chief appraiser of this appraisal district and to the Texas Department of Housing and Community Affairs, as required by Tax Code Section 11.182(g).

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[11.182]

Step 4: Answer these questions about the organization bylaws or charter

Attach a copy of the charter, bylaws or other documents adopted by the organization which govern its affairs, and answer the following questions. 1. Do these documents pledge the organization's assets for use in performing the organization's charitable functions?. . . If "YES," give the page and paragraph numbers. 2. Page ___________ Paragraph __________

Yes

No

Do these documents direct that on the discontinuance of the organization, the organization's assets are to be transferred to the State of Texas or to an educational, religious, charitable or other similar organization that is qualified for exemption under Section 501(c)(3), Internal Revenue Code, as amended? . . . If "YES," give the page and paragraph numbers. Page ___________ Paragraph __________

Yes

No

If "NO," do these documents direct that on discontinuance of the organization, the organization's assets are to be transferred to its members who have promised in their membership application to immediately transfer them to the State of Texas or to an educational, religious, charitable or other similar organization that is qualified for exemption under Section 501(c)(3), Internal Revenue Code, as amended? . . . . . . . . . . . If "YES," give the page and paragraph numbers. Page ___________ Paragraph __________

Yes

No

If "YES," was this two-step transfer required for the organization to qualify for exemption under Sec. 501(c)(12), Internal Revenue Code, as amended? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

No

Step 5: Describe your property

PROPERTY TO BE EXEMPT: · · · · Attach one Schedule A (REAL PROPERTY) form for EACH parcel of real improved and unimproved property to be exempt. Attach one Schedule B (BUILDINGS) form for EACH building to be exempt. Attach one Schedule C (PERSONAL PROPERTY) form listing ALL personal property to be exempt. List only property owned by the organizaiton.

Step 6: Sign the application

· By signing this application, you designate the property described in the attached Schedules A, B and C as the property against which the community housing development organization improving property for low-income and moderate-income housing exemption may be claimed in this appraisal district. · You certify that this information is true and correct to the best of your knowledge and belief.
On behalf of (name of organization) Date

Authorized signature

Title

If you make a false statement on this application, you could be found guilty of a Class A misdemeanor or a state jail felony under Texas Penal Code Section 37.10.
* You are required to give us this information on this form, in order to perform tax related functions for this office. Section 11.43 of the Tax Code authorizes this office to request this information to determine tax compliance. The chief appraiser is required to keep the information confidential and not open to public inspection, except to appraisal office employees who appraise property and as authorized by Section 11.48(b), Tax Code.

50-263 (8-03/3) - Page 3
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Schedule A: Description of real property · Complete one Schedule A form for EACH parcel of improved and unimproved real property qualified for exemption. · Attach all completed schedules to your application for exemption.
Name of owner

Legal description of property

Appraisal district account number (Optional):

Describe the primary use of the property.

Date of acquisition of the property

Is this property reasonably necessary for operation of the association / organization?

Yes

No

Answer the following questions if this real property is a multifamily rental property consisting of 36 or more dwelling units owned by the organization. 1. Was this property acquired by the organization using tax-exempt bond financing after January 1, 1997, and before December 31, 2001? . . . . . . . . . . Does the entity that provides the financing for acquiring or constructing the property require the organization to make payment in lieu of taxes to the school district in which the property is located? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Does the entity that provides the financing for acquiring or constructing the property restrict the amount of rent the organization may charge for the dwelling units? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Has the organization entered into an agreement with each taxing unit for which the property receives exemption to spend in each tax year an amount equal to the total amount of taxes imposed on the property in the tax year preceding the year in which the organization acquired the property for the purposes of social, educational, or economic development services, capital improvement projects, or rent reduction for eligible persons in the county? . . . . . . .

Yes

No

2.

Yes

No

3.

Yes

No

4.

Yes

No

If the answers to all four questions above is "No," answer the following question(s). 5. In the preceding tax year, what is the amount of total taxes that would have been imposed on the property without the exemption? . . . . . . . . . . . . . . . . . In the preceding tax year, how much did the organization spend, for eligible persons in the county, on the following areas: Social, educational, or economic development services Capital improvement projects Rent reduction Total spent in preceding year $ _______________ $ _______________ $ _______________ $ _______________

$_______________

6.

Answer the following questions if this real property is a housing project constructed after December 31, 2001, and financed with qualified 501(c)(3) bonds issued under Section 145 of the Internal Revenue Code of 1986, tax-exempt private activity bonds subject to volume cap, or low-income housing tax credits. 1. 2. 3. Is the project owned by a limited partnership? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If yes, does the organization control l00 percent of the interest in the general partner? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Does the organization comply with all rules of and laws administered by the Texas Department of Housing and Community Affairs for community housing development organization? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Did the organization submit annually to the Texas Department of Housing and Community Affairs evidence demonstrating that the organization spent an amount equal to at least 90 percent of the project's cash flow in the preceding fiscal year (as determined by the annual audit) for the purposes of social, educational, or economic development services, capital improvement projects, or rent reduction for eligible persons in the county? . . . . . . . . . . . . . . . Did the organization submit annually to the governing body of each taxing unit exempting the project evidence demonstrating that the organization spent an amount equal to at least 90 percent of the project's cash flow in the preceding fiscal year (as determined by the annual audit) for the purposes of social, educational, or economic development services, capital improvement projects, or rent reduction for eligible persons in the county? . . . . . . . . . . . . . . . . (Continued on page 4) Yes Yes No No

Yes

No

4.

Yes

No

5.

Yes

No

50-263 (8-03/3) - Page 4
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Schedule A: Description of real property (continued)
List all other individuals and organizations that used this property in the past year, and give the requested information for each.
NAME DATES USED ACTIVITY RENT PAID, IF ANY

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Schedule B: Description of Buildings Used for Administration of Organization · Complete one Schedule B form for EACH building qualified for exemption. · Attach all completed schedules to your application for exemption.
Name of owner

Legal description of property

__________________________________________________________________________________________________________
Describe the primary use of the property.

__________________________________________________________________________________________________________

Is this property reasonably necessary for operation of the association / organization?

Yes

No

List all other individuals and organizations that used this property in the past year, and give the requested information for each.
NAME DATES USED ACTIVITY RENT PAID, IF ANY

50-263 (8-03/3) - Page 6
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Schedule C: Description of personal property · List all tangible property to be exempt on this schedule. · Attach all completed schedules to your application for exemption.
Name of owner

Is this property reasonably necessary for operation of the association / organization?

Yes

No

ITEM

LOCATION