The Texas Department of Housing and Community Affairs (TDHCA) has awarded $67 million in low-income housing tax credit (LIHTC) allocations to help finance or build 69 affordable housing developments.
The LIHTCs will help to finance the construction of 50 new properties with 4,009 units and the rehabilitation of 19 properties with 808 units. The developments will serve families, seniors, and individuals with special needs in both urban and rural areas in the Lone Star State.
For a complete list of the developments receiving 2017 allocations, visit http://www.tdhca.state.tx.us/multifamily/housing-tax-credits-9pct/index.htm.
“High-quality affordable housing serves as a vital component to the state’s economic prosperity, accommodating an ever-expanding workforce and meeting the needs of households living on fixed incomes,” says Tim Irvine, executive director of TDHCA. “The tax credits allocated today give cities and communities long-term solutions for sustainable and purposeful growth, providing a positive impact on local economies by retaining existing households and attracting new residents.”
TDHCA has helped to create and preserve more than 238,000 affordable housing units in Texas since 1987. The state estimates that in 2016 the new construction and rehab of developments led to the creation of more than 13,000 jobs statewide with $455 million in compensation.
In addition to the LIHTC awards, TDHCA announced that as part of its $4.9 million Homeless Housing and Service Program (HHSP) allocation, it has provided funding to Arlington, Austin, Corpus Christi, Dallas, El Paso, Fort Worth, Houston, and San Antonio to help provide housing and support services for the homeless or those at risk of homelessness.
The HSSP can aid the construction, development, or procurement of housing for homeless individuals; the rehab of buildings targeted to serve the homeless population; and the delivery of services and case management to homeless individuals or those at risk of homelessness.
“These funds serve as a vital resource of help for some of our most vulnerable Texans, helping them work toward self-sufficiency through supportive housing and a variety of services and enabling them to overcome the challenges of homelessness,” adds Irvine.
