TDHCA awards 2007 Housing Tax Credit allocation
With an eye toward providing reasonably priced rental housing for the state's growing workforce and senior populations, TDHCA has awarded $42 million in tax credits to support the construction of affordable rental housing developments across the state.
A total of 53 awards were made from TDHCA's highly competitive 2007 Housing Tax Credit Program. The Department annually receives nearly twice as many applications as it can fund, demonstrating the high demand for these needed developments. Through these awards, TDHCA estimates creating 4,837 units statewide of affordable rental housing serving households earning no more than 60 percent of the area median family income.
The Housing Tax Credit Program is the nation's primary means of directing private capital toward the development of high quality affordable rental housing.
The tax credits provide developers and investors with a benefit that is used to offset a portion of their federal tax liability in exchange for the production of affordable rental housing. The value associated with the credits allows units in tax credit properties to offer leases to income eligible tenants at rents below those of market rate apartment properties.
The program has helped create or retain approximately 118,837 units of safe, decent, and affordable rental housing for low income Texans since the first allocation cycle in 1987.