The Texas Department of Housing and Community Affairs (TDHCA) will provide $81.6 million in low-income housing tax credits (LIHTCs) to developers constructing or rehabilitating 71 properties across the state. The developments will provide 5,296 units.
“With today’s awards, TDHCA continues its efforts to establish or rehabilitate high-quality and affordable housing for working families and elderly Texans,” said Bobby Wilkinson, TDHCA executive director. “The housing tax credit programs serve not only as essential financial tools to aid in the development and construction of affordable housing but also help local economies with strong job creation.”
This year’s competitive 9% LIHTCs are expected to help finance the building of 54 high-quality properties with a total of 4,359 units, and the rehabilitation of 17 properties offering 937 units to income-eligible households across the state. An at-risk set aside, totaling more than $12 million for the 2020 cycle, is used for the rehabilitation or reconstruction of aging housing developments that could soon lose rental subsidies provided to their low-income residents, according to TDHCA.
This year’s recipients include Foundation Communities, nonprofit that received two LIHTC reservations to develop The Loretta, a 137-unit property for families, and Zilker Studios, a 110-unit supportive housing community, both in Austin,
