Texas: Governor Abbott Announces Over $95 Million In Housing Tax Credits
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~ In a recent announcement, Governor Greg Abbott revealed that the Texas Department of Housing and Community Affairs (TDHCA) has granted over $95 million in housing tax credits to support the development or renovation of more than 60 rental properties across the state. These credits will provide reduced rents and expanded housing options for Texans in need. The total value of these awards is estimated to be around $955 million over a 10-year period.

The TDHCA Housing Tax Credit Program (HTC) is responsible for distributing these awards, which will aid developers in constructing or rehabilitating over 4,400 units that offer affordable rent to households earning up to 80% of the median family income in their respective areas.

Governor Abbott expressed his satisfaction with the state's efforts to ensure that all Texans have access to affordable housing through the HTC Program. He acknowledged the critical role these awards play in improving and upgrading affordable housing units and providing affordable rent prices for families. He also commended the TDHCA for their dedication to providing opportunities for Texans to care for their families and thrive.

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TDHCA Executive Director Bobby Wilkinson emphasized the importance of the HTC Program in making affordable housing available to hard-working families, senior citizens, and individuals with disabilities. He praised this year's Competitive 9% HTCs, which will finance the construction of 45 new properties, including two existing properties that will be adapted for affordable housing purposes. In total, these developments will provide 3,450 affordable units. Additionally, 18 properties offering 1,025 units will be acquired and rehabilitated.

The Housing Tax Credit Program is authorized under the United States Internal Revenue Code and serves as Texas' primary means of directing private capital towards developing affordable rental housing. Developers use proceeds from selling these credits to finance their projects. The awarded credits can cover up to 70% of each property's eligible development costs.

The list of 2024 9% HTC application awards can be found following the announcement. However, it is subject to change if any developments are unable to move forward. Interested individuals can view the list of awards and learn more about TDHCA's HTC Program on their website. With these efforts, Texas aims to build a bigger and better state for generations to come.

Filed Under: Government, State

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