WASHINGTON, D.C. – April 29, 2015 – (RealEstateRama) — The Housing Tax Credit (“HTC”) Program helps finance the development of attractive, high quality affordable rental housing through partnerships with private developers.
Properties financed through the program must reserve specific numbers of units for income eligible tenants and cap rents at set levels to ensure affordability.
In addition to a reduced rent, most properties also offer supportive services tailored to tenants’ needs, such as after school child care, computer and GED classes, consumer credit counseling, and other programs.
Beyond that, the program is a significant economic engine. The typical 100-unit property developed through tax credits generates $7.9 million in local income, $827,000 in fees and taxes, and 122 construction and related jobs.
TDHCA, in turn, provides oversight authority for health, safety, and program compliance for up to 30 years to make certain developers maintain the program’s high standards.
The HTC Program is extremely competitive. The Department received 173 full applications requesting a total of $175.2 million in tax credits. The state housing agency, however, has only an estimated $60.8 million in credits to allocate.
TDHCA is holding a series of six public hearings throughout the state this month to accept comment on applications received for the 2015 Housing Tax Credit Program cycle.
Texans wishing to provide comment but who were unable to attend the hearings may provide written comment.
Comment received on or before June 12, 2015, will be included in the information provided to the TDHCA Governing Board when considering this year’s allocation. The final decision will be made by the Board in July 2015.
Written comment should be addressed to:
Texas Department of Housing and Community Affairs
Multifamily Finance Production Division
P.O. Box 13941 Austin, Texas 78711-3941
Fax: (512) 475-0764
Email: htc.public-comment (at) tdhca.state.tx (dot) us
Visit TDHCA’s HTC Web page for more information about the program, including a list of all 2015 Competitive Housing Tax Credit Program application submissions.