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Three Southeast Texas properties will receive part of $87.7 million invested through the Texas Department of Housing and Community Affairs (TDHCA) in housing tax credits to help finance the development or rehabilitation of rental properties offering reduced rents and increased housing options.
Local properties receiving part of the package include two in Jefferson County and one in Hardin County.
Abiding Grace Apartments, a 61-unit housing for the elderly located in the northeast quadrant of Cardinal Drive at Fannett Road in Beaumont, will receive $1,508,832. Beaumont Pioneer Crossing, an 82-unit for general residents located at 9449 U.S. 287 South in Beaumont, will get $147,600.
In February, the Beaumont City Council voted to support construction of Abiding Grace Departments.
The lone Hardin County property, an 80-unit complex for the elderly, Providence on the Park, will receive $198,612. It is located on Park Road in Lumberton.
The total amount for the three recipients is $1,754,044.
According to the governor’s office, awards provided through the TDHCA Housing Tax Credit Program (HTC) will assist developers in the construction or rehabilitation of more than 3,100 housing units and offer affordable rent to households earning up to 80% of the median family income in their respective areas.
“The Housing Tax Credit Program serves as a crucial factor to making affordable housing available to hard working families, and our most vulnerable residents, such as senior citizens and people with disabilities,” said TDHCA Executive Director Bobby Wilkinson. “We understand market conditions are affecting overall costs, and we’ll continue to help developers navigate available options so they can continue delivering housing options for low-income families, while also contributing to Texas’ strong business and economic environments.”
This year’s HTCs are expected to help finance the building of 37 new properties totaling 2,153 units; the rehabilitation of 15 properties offering 911 units; and the adaptive reuse of two existing properties in Dallas and Abilene totaling 97 units for income-eligible households across the state.
More than $16 million set aside for the 2023 cycle will be used for the rehabilitation or reconstruction of aging housing developments that could soon lose rental subsidies provided to their low-income residents. Financing will allow applicants to develop eight properties housing elderly Texans (age 55 or older) and five properties targeted for the general population.
Investors purchasing credits allocated to developers may apply the credits toward their federal tax liability each year for 10 years on a dollar-for-dollar basis in exchange for their investment in the property. The awards have an approximate value of $877 million over the 10-year term.