State housing agency financing 300-unit new affordable housing in Creedmoor
(AUSTIN) — Today, the Texas Department of Housing and Community Affairs (TDHCA) announced financing for Creedmoor Farms, a 300-unit affordable housing property in Creedmoor. Financed through TDHCA’s Non-Competitive 4% Housing Tax Credit (HTC) Program, Creedmoor Farms located at 5107 FM 1327 will provide housing affordable to local residents making at or below 80 percent of the Area Median Income. This is the first multifamily property in Creedmoor financed through TDHCA’s housing tax credit programs.
“The 4% Housing Tax Credit Program is an important component to increasing the supply of quality, affordable housing in Texas,” said Bobby Wilkinson, TDHCA’s executive director. “With this award, nearly $3.6 million, residents in and around Creedmoor will soon have more options to help support their financial well-being and raise their families in the community in which they live.”
Investors purchasing credits allocated to developers may apply the credits toward their federal tax liability each year for 10 years on a dollar-for-dollar basis in exchange for their investment in the property. Marking these recent awards, the tax credits amount to an approximate value of $36 million over the 10-year term.
In 2023, the 4% HTC Program financed more than 12,000 affordable units across the state, representing approximately $137 million in tax credits.