Promising New Austin Residential Developments are Seeking Affordable Housing Tax Credits in Exchange for Offering Affordable New Homes
Real estate developers are hoping that the Austin City Council will approve their move to support state affordable housing tax credits in the hopes of offsetting the building costs of nine new developments in the city.
The highly competitive 9 percent Low Income Housing Tax Credit Program allows developers to offset a portion of their federal tax liability in exchange for creating affordable housing.
The program offers investors a chance to buy tax credits to offset other taxes by investing in multi-family rental development projects in exchange for making a certain percentage of the homes affordable.
Austin City Council is expected to consider supporting the 9 proposed developments at its Feb. 9 meeting.
If approved by Council, the resolutions will be submitted—along with each development’s tax credit application—to the state’s Department of Housing and Community Affairs for consideration. The funds would come from the U.S. Treasury Department via the Internal Revenue Code.
Developers will find out in July whether their applications were approved.
Proposed developments requesting resolutions of support for 2017 Low Income Housing Tax Credit Program:
Greyshire Village—95 Affordable units, 105 total units
The Nightingale at Goodnight Ranch—140 affordable units, 175 total units
Saltillo Apartments—100 affordable reasons, 110 total units
Travis Flats—122 affordable units 146 total units
Pathways at Goodrich Place—108 affordable units, 120 total units
Elysium Grand—90 affordable units, 105 total units
Elysium Park—90 affordable units, 105 total units
Aria Grand—95 affordable units, 105 total units
Mueller Apartments—129 affordable units, 129 total units
The original article from which this post was based can be accessed here.