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What is tax credit apartments in Texas?

Low Income Housing Tax Credits (LIHTCs) play a key role in the development and preservation of affordable rental housing for low-income households. Tax credits provide a source of equity financing that multifamily developers can use to create affordable rental housing.

What is the Texas housing tax credit Program?

The HTC program funds the development of affordable multifamily rental properties or rehabilitation of existing properties that are willing to maintain affordable rents for an extended period of time.

What is the income limit for housing assistance in Texas?

The income limits for Section 8 eligibility in Texas are based on the area median income and family size. As of 2023, the income limit for a family of four in most Texas counties is $50,750 per year. In addition to income requirements, there are other eligibility criteria that must be met.

How do income based apartments work in Texas?

HUD determines the monthly rent of an approved income-based apartment home by calculating 30% of the tenants adjusted gross income. The government subsidizes the remainder of the rent for the landlord.

What is a HTC unit?

Developers interested in rehabilitating and repurposing historic buildings may wish to look into the Historic Tax Credit, or HTC program, a federal tax credit program which provides a 20% credit against the cost of rehabilitating eligible historic structures.