SECTION 375.16. Fees for Financial Assistance

(a) General. The Applicant will be assessed charges for the purpose of recovering administrative costs of all projects receiving CWSRF financial assistance. However, no fees or costs will be assessed on the portion of the project that receives principal forgiveness as detailed in the IUP.

(b) Origination fee. An administrative fee not to exceed 1.75 percent of the project costs will be assessed as a one-time non-refundable charge. Project costs on which the fee will be assessed do not include the origination fee or those project costs that are funded through principal forgiveness. The fee is due and payable at the time of loan closing and may be financed as a part of the financial assistance.

Source Note: The provisions of this §375.16 adopted to be effective September 8, 2010, 35 TexReg 8126; amended to be effective July 30, 2012, 37 TexReg 5615; amended to be effective July 4, 2016, 41 TexReg 4853; amended to be effective June 10, 2020, 45 TExReg 3869