The Colony, Texas — Governor Greg Abbott on July 23 announced more than $114 million in housing tax credits intended to help finance building or rehabilitating 70 rental developments across the state. The awards, administered by the Texas Department of Housing and Community Affairs, are expected to support over 4,400 affordable rental units, according to the governor's office.
The credits come through the state's competitive Housing Tax Credit Program, which the department describes as a central tool for adding new affordable developments and preserving existing ones. Developers use the credits to offset construction and rehabilitation costs in exchange for offering reduced rents to qualifying tenants.
> "As our state grows, we must ensure that Texans have access to the affordable housing they need to thrive." — Governor Greg Abbott
The governor's office said the 12 percent increase to the federal tax credit ceiling enacted this year helped lift the department's allocation to the biggest in its history. Bobby Wilkinson, the department's executive director, called the program a key way to bring quality affordable housing to residents. The office noted the award list is preliminary and could change if any development is unable to move forward.
