The Texas Department of Housing and Community Affairs (TDHCA) recently reserved nearly $95.5 million in low-income housing tax credits (LIHTCs) to 63 properties across the state.
The awards provided through the 2024 competitive housing credit program will help developers construct or rehabilitate 4,475 units offering rents affordable to households earning between 20% and 80% of the area median income.
This year’s competitive 9% LIHTCs will help finance the construction of 45 new properties, which includes the adaptive reuse of two existing properties, with a total of 3,450 affordable units, and the acquisition and rehabilitation of 18 properties offering 1,025 units.
Reversing recent trends, this year’s round of awards also showed a positive increase in the total number of affordable units produced over previous years, according to TDHCA.
The recent awards have an approximate value of $955 million over the housing credit program’s 10-year term.
The federal LIHTC program is the state’s primary means of directing private capital toward the development of affordable rental housing. Developers use proceeds from the sale of the credits to help finance their property. The credits awarded may cover up to 70% of each property’s eligible development costs.
A list of the developments receiving 2024 credits, can be found here.
