Governor Abbott Announces Over $95 Million In Housing Tax Credits
Governor Greg Abbott today announced that the Texas Department of Housing and Community Affairs (TDHCA) has awarded over $95 million in housing tax credits to help finance the development or rehabilitation of more than 60 rental properties, offering reduced rents and increased housing options for Texans throughout the state. These awards have an approximate value of $955 million over a 10-year term. Provided through the TDHCA Housing Tax Credit Program (HTC), these awards will help developers construct or rehabilitate more than 4,400 units offering affordable rent to households earning up to 80% of the median family income in their respective areas.
“Texas continues to ensure that Texans across our great state have access to affordable housing options through the Housing Tax Credit Program,” said Governor Abbott. “These awards are critical for developers and housing agencies to improve and upgrade affordable housing units and offer affordable rent prices in Texas. I thank the Texas Department of Housing and Community Affairs for working tirelessly to provide Texans in need with opportunities to care for their families and thrive. With programs like these, we will build a bigger, better Texas for generations to come.”
“The Housing Tax Credit Program serves as a crucial factor in making affordable housing available to hard working families, senior citizens, and persons with disabilities,” said TDHCA Executive Director Bobby Wilkinson. “Today’s awards are an example of how the public and private sectors can come together to create a positive and long-term impact in communities around the state, including the rehabilitation of properties at risk of losing their affordability.”
This year’s Competitive 9% HTCs will help finance the construction of 45 high quality, new properties, which includes the adaptive reuse of two existing properties (one in Dallas; one in Fort Worth) with a total of 3,450 affordable units and the acquisition and rehabilitation of 18 properties offering 1,025 units.
The Housing Tax Credit Program, authorized under the United States Internal Revenue Code, 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 percent of each property’s eligible development costs.
The list of 2024 9% HTC application awards follow this announcement. The award list is subject to change should any developments not be able to move forward.
View a list of the 2024 9% HTC application awards.
Learn more about TDCHA’s HTC Program.