Latest news with #TDHCA
Yahoo
19-02-2025
- Business
- Yahoo
Low-income loan program in Texas celebrates 25th anniversary
AUSTIN (KXAN) — A loan program designed to help low-income residents achieve homeownership is celebrating an anniversary. Today, the Texas Department of Housing and Community Affairs (TDHCA) is recognizing 25 years of their Texas Bootstrap Loan Program (Bootstrap), one of the state's most successful, cost-effective programs, according to a press release. 'We're honored to celebrate our amazing Bootstrap administrators and dedicated, hard-working Texas families who prove that having a home—a safe, livable home—can be a reality,' said Bobby Wilkinson, TSHCA Executive Director. The funding for Bootstrap comes from the state's Housing Trust Fund. Today, a majority of the loan repayments made by prior Bootstrap loan recipients help fund loans for future Bootstrap loans, thus affording a self-sustaining funding source for the program and overall savings to the state, said the same release. Throughout Texas, 2,200 homes with more than $68 million in home loans are directly linked to the Bootstrap. Two program requirement options for the borrower: Provide at least 65% of the labor necessary to build or rehabilitate the proposed housing. Provide an amount of labor equivalent to the required amount by working through a state-certified owner-builder housing program. The loans provided to low-income families, or those making up to 80% of the area median family income, cannot exceed $45,000 per house and can be combined with other funding sources such as those from private lending institutions, local government, nonprofits, or any other sources, according to the release. As for requirements for the TDHCA, they must set aside at least two-thirds of the annual available finds for owner-builders whose property is in a census tract that has a median household income that is not greater than 75% of the median state household income for the most recent year for which statistics are available. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-02-2025
- Business
- Yahoo
6 developments get city council support to apply for low-income housing tax credits
AUSTIN (KXAN) — Six affordable housing developments recently received resolutions of support from the Austin City Council to apply for low-income housing tax credits (LIHTC) from the State of Texas, according to the City of Austin Housing Department. Developers must secure those resolutions before they can formally submit an application to the Texas Department of Housing and Community Affairs (TDHCA), which is the state agency that administers the program. According to the city, the developments will apply for 9% low-income housing tax credits. The application process is competitive, and each developer applying for the tax credits must meet a series of criteria that are set by both the city and the state. The TDHCA allows housing developers to take a dollar-for-dollar federal tax credit to offset up to either 4% or 9% of their federal tax liability in exchange for building low-income rental housing projects, according to a city press release. These credits typically subsidize 70% of the unit costs and support new construction without any additional federal subsidies. Proposed residential developments are awarded tax credits based on the TDHCA score received within their region. Texas is divided into 11 TDHCA regions; Austin is in Region 7, which includes Travis County and the surrounding counties. Mandy DeMayo, Interim Director for the Housing Department, explained in a press release that the resolutions of support push the proposed communities one step closer in their competitive bids for the 9% tax credits. She added that historically, Region 7 has only received two direct awards per year, but the city is hopeful to see a potential third award this year. 'Tax credit developments help ease the shortage of affordable rental housing, attract private investment in affordable housing, and create jobs with an economic multiplier effect that lasts beyond the end of construction,' DeMayo said in the release. According to the release, the competitive process typically begins in January and awards are made by the TDHCA in July. The projects are generally completed within 2 years. To be eligible for the 9% low-income housing tax credits, developers are required to obtain a supportive resolution from the City Council as part of their application. City Council resolutions are submitted to the TDHCA with each development's tax credit application. Projects that receive the award must meet eligibility for at least 30 years after project completion, and awarded projects typically elect to provide 45 years of affordability, keeping rental units rent-restricted and available to low-income tenants, according to the city. After that period ends, the properties remain under the control of the owner. Eleven LIHTC Developers submitted requests for resolutions of support to the Austin City Council in December. Of those, five withdrew their applications, and the remaining six received the resolutions. The developments that received resolutions of support are as follows, according to the city: Pathways at Santa Rita Courts West Pathways at Santa Rita Courts West is located in District 3 at or near 2210 E. 2nd St. The proposed development is in a displacement risk area and is a rehabilitation of an existing affordable housing community. An affiliate of the Austin Affordable Housing Corporation will be the sole member of the general partner and the landowner, thereby allowing for a full property tax exemption. The rehab calls for the creation of 96 affordable units. 10 units will be affordable at or below 30% Median Family Income (MFI);39 units will be affordable at or below 50% MFI; and47 units will be affordable at or below 60% MFI. Waverly NorthWaverly North is located in District 9 at or near 3710 Cedar St. If awarded, tax credits will be used to offset costs for the rehabilitation of an existing community. The community is in a high-opportunity area and within half a mile walking distance of high-frequency transit. Plans call for the development of 76 affordable units. 17 units will be affordable at or below 30% Median Family Income (MFI);20 units will be affordable at or below 50% MFI;27 units will be affordable at or below 60% MFI; and12 units will be affordable at or below 80% MFI. Crossroads Redevelopment Crossroads Redevelopment is located in District 7 at or near 8801 McCann Dr. If awarded, tax credits will be used to finance (or offset construction costs) the rehabilitation of an existing affordable housing community that will result in the creation of 130 supportive housing units. The community will be located within a half mile of high-frequency transit. 26 units will be affordable at or below 30% MFI;94 will be affordable at or below 50% MFI; and10 will be affordable at or below 60% MFI. Eberhart Place Eberhart Place (At-Risk Set-Aside) is located in District 2 at or near 808 Eberhart Ln. The proposed development is in a displacement risk area and is a rehabilitation of an existing affordable housing community. If awarded, tax credits would be used to offset costs and rehabilitate 38 units for senior living. 8 units will be affordable at 30% Median Family Income (MFI);16 units will be affordable at 50% MFI; and14 units will be affordable at or below 60% MFI. St. George's St. George's Court (At-Risk Set-Aside) is located in District 4 at or near 1443 Coronado Hills. If awarded, tax credits will be used for the rehabilitation of an existing affordable housing community which would rehabilitate 60 units for senior living. The community is in a displacement risk area. 7 units will be affordable at or below 30% Median Family Income (MFI);24 units will be affordable at or below 50% MFI; and29 units will be affordable at or below 60% MFI. Highland Commons Highland Commons is located in District 4, at or near 618 E. Highland Mall Blvd. The proposed development is in a high-opportunity area and within half a mile of high-frequency transit. Plans are to create 96 affordable units. 10 units will be affordable at or below 30% Median Family Income (MFI);39 units will be affordable at or below 50% MFI; and47 units will be affordable at or below 60% MFI. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-01-2025
- Business
- Yahoo
Federal Home Loan Bank of Dallas Announces 2025 Affordable Housing Advisory Council Appointments
DALLAS, January 29, 2025--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce the appointment of three new members to its Affordable Housing Advisory Council (Advisory Council) and two reappointments. New members: Mr. Daniel Boggs, Mississippi representative Mr. Isaac Perez, Tribal Housing representative Mr. Bobby Wilkinson, Housing Finance representative Reappointments: Ms. Charla Blake, Louisiana representative Ms. Nicole Martinez, New Mexico representative With the addition of a seat dedicated to advising on tribal housing, the Advisory Council consists of 14 representatives from state, community and nonprofit organizations in FHLB Dallas' five-state District. They are appointed by the FHLB Dallas Board of Directors (Board) and advise the Board on affordable housing and economic development issues. New Members: Daniel Boggs has served as the chief executive officer of the Greenville, Mississippi-based, Greater Greenville Housing & Revitalization Association, Inc. (GGHRA) since 2012. Under his leadership, GGHRA oversees Greenville's small business and housing revitalization. Prior to this role, Mr. Boggs spent more than six years working for the Mississippi Development Authority as a bureau manager, where he supported the reconstruction and rehabilitation of about 2,200 units for low- to moderate-income families on the Gulf Coast in the wake of Hurricane Katrina. Isaac Perez has been appointed to the newly created tribal housing position of the Advisory Council. He has served as the executive director of San Felipe Pueblo Housing Authority in New Mexico for more than 22 years and has more than 30 years of experience working with Indian and Public Housing Entities. He has overseen the development of more than 300 new units and the rehabilitation of more than 200 tribal homes built with federal, state and tribal funds. Bobby Wilkinson serves as executive director of the Texas Department of Housing and Community Affairs (TDHCA) in Austin, Texas, and has led the agency since August 2019. TDHCA administers funding and other assistance for affordable housing development and community-based services with the help of for-profit and nonprofit organizations and local governments. Prior to joining TDHCA, Mr. Wilkinson served as an advisor to Texas Governor Greg Abbott on housing policy and filled other roles in the Abbott administration's Budget and Policy Division. Reappointed Members: Since 2017, Charla Blake has served as executive director for Project Build a Future (PBAF), the only nonprofit affordable housing agency in Lake Charles, Louisiana. Prior to joining PBAF, she was the community development coordinator for the Arts & Humanities Council of Southwest Louisiana and has held various board positions focusing on historic preservation and affordable housing. Based in Las Cruces, New Mexico, Nicole Martinez has served as the executive director of the Mesilla Valley Community of Hope (MVCH) since 2011. MVCH provides shelter services, case management, income support and permanent housing programs for the homeless in Las Cruces and Dona Ana counties, New Mexico. She is also a governor-appointed member of the New Mexico Housing Trust Fund Committee. "The diverse expertise and strong community leadership of our newly appointed and continuing council members will provide invaluable insight as we work to address affordable housing and economic development challenges across our District," said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. The other members of the Advisory Council are: Jeff Curry (Advisory Council Chair), Director of Development, JL Gray Company, Inc., Las Cruces, New Mexico Jim Petty (Advisory Council Vice Chair), President and CEO, Strategic Realty Developers, Inc., Van Buren, Arkansas Nicole Barnes, Executive Director, Jericho Road Episcopal Housing Initiative, New Orleans, Louisiana Kelly Criswell, Director of Regional Services and Economic Development, South Plains Association of Governments, Lubbock, Texas Calvin King Sr., Founder and Executive Director, Arkansas Land and Farm Development Corporation, Brinkley, Arkansas David Long, President, Texas State Affordable Housing Corporation, Austin, Texas Carla Mancha, Chief Executive Officer, Housing Authority of the City of Brownsville, Brownsville, Texas Chris Monforton, CEO, Habitat for Humanity Mississippi Gulf Coast, Gulfport, Mississippi Deborah Welchel, Vice President, Real Estate Development, Texas, Volunteers of America National Services, Austin, Texas The appointments were effective on January 1, 2025, and all appointees will serve three-year terms. About the Federal Home Loan Bank of Dallas The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $124.9 billion as of September 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit View source version on Contacts Corporate CommunicationsFederal Home Loan Bank of (214) 441-8445
