The City Council will consider proposals for seven affordable housing developments seeking funding from Texas's 9% Low-Income Housing Tax Credit program. If approved, these developments will total 660 units in various forms of construction and rehabilitation, targeting different demographics, including the elderly. The total funding available for Region 7 is $5.99 million, with potential equity of $60 million to support up to three projects. Additionally, there is $13.7 million available for At-Risk Set-Aside projects to preserve affordable housing. The LIHTC plays a crucial role in financing affordable housing by leveraging tax credits.
The City Council is set to support seven affordable housing developments that may receive funding through the state's 9% Low-Income Housing Tax Credit program, totaling 660 units.
The proposed developments encompass a variety of housing types, including new builds and rehabilitations aimed at diverse populations, aiming to preserve existing affordable units in the city.
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