TDHCA Awards Housing Credits to 70 Developments| Housing Finance Magazine
The Texas Department of Housing and Community Affairs (TDHCA) has reserved nearly $84.7 million in 9% low-income housing tax credits (LIHTCs) for developers to build or rehabilitate 70 affordable housing developments across the state. The properties have a total of 5,192 units.
“With today’s awards, TDHCA continues its efforts to provide high-quality housing for Texans, with many serving our most vulnerable populations such as homeless veterans and the elderly,” said TDHCA executive director Bobby Wilkinson. “The housing tax credit programs serve as essential financial tools to aid in the development and construction of affordable housing, while also contributing to Texas’ strong economy.”
This year’s competitive housing credits are expected to help finance the building of 56 new properties with 4,171 units and the rehabilitation of 14 properties offering 1,021 units to income-eligible households across the state. The at-risk set-aside, totaling more than $14.3 million for the 2021 cycle, is used for the rehabilitation or reconstruction of aging housing developments that could soon lose rental subsidies provided to their low-income residents.
The credits will help cover approximately 70% of each property’s eligible development costs. In return, the developments charge reduced rents to income-eligible Texans.
Here’s a list of the developers receiving LIHTC reservations this year.