Austin Seeks Low-Income Housing Developers

Austin TX

12 January, 2021

1:23 AM

Description

AUSTIN, TX — As part of the city's ongoing efforts to build more affordable housing in Austin, officials on Monday launched the application process for developers intent on construction for low-income residents. To that end, the Housing and Planning Department announced the 2021 application process for developers seeking resolutions of no objection for 4 Percent Low Income Housing Tax Credits. The Texas Department of Housing and Community Affairs provides the financial tool enabling 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 Texas Department of Housing and Community Affairs rules to obtain a resolution of no objection from the Austin City Council as part of their application. Developers must apply for a resolution from City Council for the 4 percent Low Income Housing Tax Credits, which is accessible on the HPD Affordable Housing Development Funding website. There are four opportunities to apply this year, officials noted. The first deadline to submit the resolution application is 5 p.m. Friday. Additional deadlines can be found in the application. The application seeks basic information on a proposed development so that Housing and Planning Department staff can make the appropriate recommendations to city council, officials said.