Tuesday, December 1, 2020

City Opens Application Process for Affordable Housing Tax Credit Resolution Applications



For immediate release: December 1, 2020
Contact:  Jeffrey Patterson, 512-974-3172, Jeffery.Patterson@austintexas.gov

 

City Opens Application Process for Affordable Housing Tax Credit Resolution Applications

As part of its ongoing effort to build more affordable housing in Austin, the City's Housing and Planning Department has announced the 2021 application process for developers seeking resolutions of support for Low Income Housing Tax Credits (LIHTCs).
 
The Texas Department of Housing and Community Affairs (TDHCA) provides LIHTCs that allow housing developers to sell federal tax credits to equity investors in exchange for building low-income rental housing.  To be eligible, developers are required by TDCHA rules to obtain a resolution of support from the City Council as part of their application.
 
Developers must apply for a support resolution from City Council for the 9 percent LIHTC, which is accessible on the HPD Affordable Housing Development Funding websiteThe deadline to submit the resolution application is 5 p.m. Wednesday, December 16, 2020.
 
The application seeks basic information so that HPD staff can recommend to City Council on the appropriate proposals and to ensure harmony with Concerted Revitalization Plan areas (CRPs) that enable local jurisdiction to guide the development of affordable housing in their communities.
 
More detailed information also will be provided at the virtual Rental Housing Development Assistance (RHDA) Programs Annual Review event, scheduled for December 9 at 5:30 p.m.

The event can be accessed online via WebEx at:
Meeting number (access code): 146 422 9641
Meeting Password:  Rd6p3A7btVy
 
Please note that the 4% LIHTC resolution application for 2021 private activity bond reservations posted to the HPD website before January 1, 2021.


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