Nearly $80 million in low-income housing tax credits has been reserved to 61 properties in Texas.
The awards provided through the 2022 competitive 9% housing credit program will help developers construct or rehabilitate 4,024 units offering rents affordable to households earning up to 80% of the area median family income, announced the Texas Department of Housing and Community Affairs (TDHCA).
“With today’s awards, TDHCA continues its efforts to provide high-quality housing for Texans,” said Bobby Wilkinson, TDHCA executive director. “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 business and economic environments.”
This year’s 9% credit awards are expected to help finance the building of 41 new-construction properties with 2,970 units and the rehabilitation of 20 properties offering 1,054 units to income-eligible households across the state. The at-risk set-aside, totaling more than $11.8 million for the 2022 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 financing will allow applicants to develop 28 properties housing elderly residents (age 55 or older), 32 properties targeted for the general population, and one property with supportive services, according to TDHCA.
A list of the developments receiving a housing credit award can be found at the bottom of TDHCA's news release.
