Home > Uncategorized > Houston apartment developers to get $14.6M in tax credits

Houston apartment developers to get $14.6M in tax credits

from the Houston Business Journal

Ten developers that are constructing or rehabilitating affordable apartments in the Houston area are set to collectively receive $14.6 million in incentives from the Texas Department of Housing and Community Affairs.

The Texas Department of Housing and Community Affairs announced the recipients as part of the state’s 2010 Housing Tax Credit Program that is dispersing approximately $68 million worth of tax credits. The credits offset a portion of the developers’ federal tax liability.

The developers will receive tax credits in exchange for charging lower rental rates on a portion of a property’s units so they are affordable for low income individuals and families. Eligible renters are described as earning no more than 60 percent of the Houston area median family income, which is $38,280 for a family of four.

The Texas Department of Housing and Community Affairs estimates that more than 390,000 households in the 13-county Gulf Coast region have an extreme housing cost burden.

The following developments are the local recipients of this year’s tax credit program:

• Cypress Creek at Fayridge will receive $2 million for 148 affordable units

• Cypress Gardens will receive $1.4 million for 100 affordable units for seniors

• Golden Bamboo Village III will receive $1.6 million for 130 affordable units for seniors

• Mason Senior Homes will receive $1.5 million for 120 affordable units for seniors

• Perry Street Apartments will receive $921,000 for 160 affordable units

• Parkway Ranch II will receive $963,000 for 44 affordable units

• Tarrington Court Apartments will receive $2 million for 153 affordable units for seniors

• Travis Street Plaza will receive $1.4 million for 192 affordable units

• Zion Gardens will receive $954,000 for 70 affordable units

• Tuscany Place will receive $2 million for 152 affordable units in Kingwood

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