TDHCA awards $42.5 million in Housing Tax Credits to build 5,800 units of affordable housing
Realizing that many young families and older individuals are struggling to keep pace with rising rent levels, TDHCA has announced that it will help finance the development of 59 affordable rental properties throughout the state that will bring much-needed stability to the lives of tenants and monetary benefits to local economies.
The Department will provide $42.5 million in financing through the 2008 Housing Tax Credit Program allocation cycle, helping create an estimated 5,800 units of affordable rental housing designed to serve Texans earning no more than 60 percent of the area median family income.
These developments will meet a growing demand throughout Texas for this type of housing. The Department estimates that approximately 1.3 million households across the state are in need of affordable housing. In addition, several local economies are also expected to benefit from the economic stimulus of this award.
A recent study by the National Association of Home Builders shows that the one-year impact of a typical 100-unit property financed through tax credits includes 151 local jobs, $783,000 in taxes and other revenue for local governments, and $7.3 million in additional income for the local economy.