Monday, January 11, 2021

City Opens Application Process for Affordable Housing 4% Tax Credit Resolution Applications


For immediate release: January 11, 2021
Contact:  Jorge Ortega, 512-974-2743, Jorge.Ortega@austintexas.gov

 

City Opens Application Process for Affordable Housing 4% 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 no objection for 4 Percent 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 no objection from the City Council as part of their application.
 
Developers must apply for a resolution from City Council for the 4 percent LIHTC, which is accessible on the HPD Affordable Housing Development Funding website. There are four opportunities to apply in 2021.

The first deadline to submit the resolution application is 5 p.m. Friday, January 15, 2021.

Additional deadlines can be found in the application.
 
The application seeks basic information on a proposed development so that HPD staff can make the appropriate recommendations to City Council.
  

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