The Texas Department of Housing and Community Affairs (TDHCA) has reserved $48.6 million in low-income housing tax credits (LIHTCs) to 45 developments across the state.
The tax credits will help finance the construction or rehabilitation of 4,773 affordable rental units.
TDHCA estimates that the projects will have an economic impact of as much as $389 million. “Beyond the construction jobs, payroll funds, and sales tax revenue these properties generate, tax credit developments also inject significant amounts of private equity and conventional financing into the economy from investors and banks doing business in the state,” said TDHCA Executive Director Tim Irvine in a statement. “This allocation of tax credits will provide greater stability to low-income families and the neighborhoods in which they live while ultimately benefiting us all.”
The 2012 awards include a $2 million reservation to DDC Merritt Legacy, Ltd., for the development of Merritt Legacy, a 208-unit project that will have 166 affordable apartments in Leander. It was the single-largest award this year.
Other projects also received substantial LIHTC reservations, including a $1.9 million award to developer Deepak Sulakhe of OM Housing for Apple Grove Villas, a 213-unit new construction development that will include 192 affordable apartments in Mesquite.
The Miami-based Carlisle Development Group also received a $1.9 million reservation for its 180-unit Highland Villas development in Bryan.