Texas Department of Housing & Community Affairs - Building Homes and Strengthening Communities
 

TDHCA Awards $4.3 Million in Tax Credits from 2004 Allocation, Unused Credits from National Pool

TDHCA's Governing Board recently approved the allocation of $4.3 million in housing tax credits to six developers of affordable rental properties. The credits were available from a pool of forward commitments from the 2004 Housing Tax Credit Program allocation cycle, as well as from a national pool of unused housing tax credits from other states. The allocation is expected to create 684 units of affordable housing.

The Department awarded housing tax credits to five properties on the 2003 waiting list or developments that otherwise were not on the final approval list for the 2003 allocation. Additionally, one development received tax credits returned by other states to the Internal Revenue Service (IRS) which the IRS recently awarded to Texas and 26 other states.

Receiving $687,641 in unused tax credits from the IRS national pool was Reserve II at Las Brisas, a new development in Irving that will eventually feature 144 units of affordable rental housing. The Department's Governing Board allocated housing tax credits from the 2004 credit ceiling to the following five developments:

Property City County Affordable Units Credits Allocated
Cricket Hollow Apts. Willis Montgomery
150
$871,110
Kingsland Trails Apts. Kingsland Llano
60
$444,394
Villas on Sixth Street Austin Travis
136
$1,072,039
Palacio Del Sol San Antonio Bexar
160
$1,096,828
Diana Palms El Paso El Paso
34
$211,474

For more information about how tax credits create affordable housing, or to learn more about the Housing Tax Credit Program in general, please visit: 9% Competitive Housing Tax Credit Program | 4% Non-Competitive Housing Tax Credit Program