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Private Activity Bond Allocation Program Rules

The statute, administrative code and recent bills that govern the program, with the key dates and fees from the rules.

Statute and administrative code

Section 146(e) of the Internal Revenue Code lets each state devise an allocation formula or process for its ceiling. Chapter 1372 of the Texas Government Code governs the allocation process for Texas.

Section 1372.004 of the Texas Government Code authorizes BRB to adopt the rules needed to carry out the statute.

BRB adopted Chapter 190 of the Texas Administrative Code (TAC) to give supplemental guidelines and clarification for administering the private activity bond allocation process.

Senate Bill 1474 (2019)

Senate Bill 1474 of the 86th Texas Legislature, Regular Session (2019), changed Chapter 1372 of the Texas Government Code. Its main effects were these.

  • Reallocated authority among the issuers and sub-ceilings.
  • Moved the local regional collapse of housing finance corporation residential rental projects from May 1st to March 1st of the Program Year.
  • Raised the project limits and indexed them to the total state ceiling.
  • Extended the closing deadlines of each project group.
  • Authorized the reassignment of carryforward designation through the process the bill describes.

Senate Bill 1984 (2021)

Senate Bill 1984 of the 87th Texas Legislature, Regular Session (2021), also changed Chapter 1372. Its main effect was to simplify and clarify how a carryforward designation may be reassigned.

Key dates in the rules

These points summarize 34 TAC 190.2 and related sections. The rule text controls. BRB moves some dates each year to a business day, so each point gives BRB's published dates for the 2026 and 2027 program years beside the rule (BRB, PAB Program Year 2026 and 2027 Important Dates).

  • Rule, 34 TAC 190.2: BRB accepts applications starting October 5 of the year before the program year. BRB: October 6, 2025 (2026 program year) and October 5, 2026 (2027).
  • Rule, 34 TAC 190.2: The lottery cutoff is October 20. BRB: October 20, 2025 and October 20, 2026.
  • Rule, 34 TAC 190.2: Reservations are issued from January 2. BRB: January 2, 2026 and January 4, 2027.
  • Rule, 34 TAC 190.2: On August 15 the ceiling opens to all. BRB: August 17, 2026 and August 16, 2027.
  • Rule, 34 TAC 190.2: The last day to apply or be granted a reservation is November 15. BRB: November 13, 2026 and November 15, 2027.
  • Rule, 34 TAC 190.2(j): Ceiling not reserved before November 16, and reservations canceled on or after that date, may be designated traditional carryforward. BRB's Important Dates call this the recycled volume cap going to carryforward: November 15 to December 31, 2026, and November 16 to December 31, 2027.
  • Gov't Code 1372.042(c) and 34 TAC 190.2(j)-(k): the bonds must close, and carryforward notices and applications must reach BRB, before December 24. Closing documents are due within 5 business days of closing (Gov't Code 1372.042(d)). BRB's last day for closing documents and carryforward requests: December 23, 2026 (2026 program year) and December 22, 2027 (2027).
  • Rule, 34 TAC 190.2: BRB posts the ceiling on its website in January and updates it at least weekly.
  • Rule, 34 TAC 190.1: Closing documents are due by the 5th business day after closing. Bond authorization items are due within 35 days of the reservation. A non-traditional carryforward letter must arrive before December 24 (BRB: by December 23, 2026 and December 22, 2027).
  • Rule, 34 TAC 190.5: BRB time-stamps the date and time of each qualified application. The time stamp sets the application's place in line. BRB issues certificates of reservation within 5 business days.
  • Rule, 34 TAC 190.6 and 190.7: Reservations expire on day 150, 180 or 210, depending on the category.

Filing rules

Rule, 34 TAC 190.3 and 190.4: File one electronic copy or one original of the application. The attachments include a fee certificate, a certified resolution dated within 18 months, articles and bylaws, a certificate of continued existence dated within 30 days, Comptroller good-standing certificates dated within 30 days, legal opinions, and an earnest money contract for residential rental projects.

Rule, 34 TAC 190.5 and 190.8: Send other submissions by email, hand delivery, or overnight, certified or registered mail. BRB's notices count as given once emailed. A notice of a missed 35-day deadline can go by fax or email.

Fees

Rule, 34 TAC 190.5 and 190.8: Pay fees separately from the filing. Pay by check to the Comptroller's lockbox, with a Fee Verification Form, or by ACH. The payee is the Texas Bond Review Board. Fees must arrive no sooner than 5 business days before the filing and no later than 1 business day after it.

Rule, Texas Government Code 1372.006: The fees below are set by statute. All of them are nonrefundable.

  • Application: $500 (or $500 per facility).
  • Qualified residential rental project: $5,000. The Board keeps $1,000 and $4,000 goes to TDHCA.
  • Closing fee: the greater of $1,000 or 0.025 percent of certified principal. For a mortgage credit certificate exchange it is the greater of $1,000 or 0.0125 percent.
  • Carryforward designation fee: the greater of $1,000 or 0.025 percent.
Content from BRB's pages, captured 2026-10-03: https://www.brb.texas.gov/program-rules/; https://www.brb.texas.gov/2027-program-year/