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 the Housing Tax Credit area.
