(a) The department shall in the manner provided by this section determine the total amount of credits under this subchapter and Chapter 233, Insurance Code, awarded for the credit period in connection with a qualified development and indicate the amount of credits awarded on the allocation certificate.
(b) The amount of credits awarded in connection with a qualified development over the credit period must be the minimum amount necessary for the financial feasibility of the qualified development, subject to the limitations of this section.

(c) The amount of credits awarded in connection with a qualified development over the credit period may not exceed the total federal tax credit awarded to the owner or owners of the qualified development over the 10-year federal tax credit period.
(d) The manner in which the department awards the amount of credits must be consistent with criteria established by the department.
(e) The total amount of credits awarded for a year in connection with all qualified developments financed through tax exempt bonds may not exceed the sum of:
(1) 50 percent of the state housing credit ceiling for the year;
(2) any portion of the state housing credit ceiling for the preceding year that could have been awarded for qualified developments financed through tax exempt bonds but was not awarded; and
(3) any credits recaptured or otherwise returned to the department in the year that were originally awarded in connection with a qualified development financed through tax exempt bonds.
(f) The total amount of credits awarded for a year in connection with all qualified developments not financed through tax exempt bonds may not exceed the sum of:
(1) 50 percent of the state housing credit ceiling for the year;
(2) any portion of the state housing credit ceiling for the preceding year that could have been awarded for qualified developments not financed through tax exempt bonds but was not awarded; and
(3) any credits recaptured or otherwise returned to the department in the year that were originally awarded in connection with a qualified development not financed through tax exempt bonds.
(g) The department shall, in the qualified allocation plan, determine the priorities and criteria for awarding credits during years in which the amount of credits applied for exceeds the maximum amount that may be awarded under this section.