LIMITATIONS ON GRANTING OF RESERVATIONS FOR INDIVIDUAL PROJECTS

(a) Before August 15 the board may not grant for any single project a reservation for that year that is greater than: (1) if the issuer is an issuer of qualified mortgage bonds, other than the Texas Department of Housing and Community Affairs or the Texas State Affordable Housing Corporation, the greater of: (A) $50 million; or (B) 1.70 percent of the available state ceiling; (2) if the issuer is an issuer of a state-voted issue, other than the Texas Higher Education Coordinating Board, the greater of: (A) $100 million; or (B) 3.40 percent of the available state ceiling; (3) if the issuer of a state-voted issue is the Texas Higher Education Coordinating Board, the greater of: (A) $200 million; or (B) 6.80 percent of the available state ceiling; (4) if the issuer is an issuer of qualified small issue bonds and enterprise zone facility bonds, the amount to which the Internal Revenue Code limits issuers of those bonds; (5) if the issuer is an issuer of qualified residential rental project bonds, the greater of: (A) $50 million; or (B) 1.70 percent of the available state ceiling; or (6) if the issuer is any other issuer of bonds that require an allocation, the greater of: (A) $100 million; or (B) 3.40 percent of the available state ceiling. (b) This subsection applies only to projects that are granted a reservation of a portion of the available state ceiling for a program year under Subsection (a)(5). If for a program year the total amount of qualified residential rental project bonds for which reservations are sought exceeds, as of October 20 of the preceding year, 55.75 percent of the state ceiling, the amount of bonds issued to each project may not exceed 55 percent of the reasonably expected aggregate basis of the project and the land on which the project is or will be located.