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Issuer Type: Housing
Residential Mortgage Revenue Bonds
Single Family Mortgage Revenue Bonds - Senior Lien
Single Family Mortgage Revenue Bonds - Junior Lien
On behalf of the Texas Department of Housing and Community Affairs, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by TDHCA, as it allows the Department to make critical investments in affordable housing throughout Texas. We are committed to maintaining our strong bond ratings, and to being as transparent as possible with the investor community and public at large.
We hope you find this website useful. Please do not hesitate to contact our office with suggestions for how we can improve. Thank you for your interest in our bond programs.
Monica Galuski, Director of Bond Finance and Chief Investment Officer
On September 25, 2020, the Texas Supreme Court issued an emergency order that establishes the Texas Eviction Diversion Program. The release of the Court’s order coincided with Governor Greg Abbott’s public commitment to allocate funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to be used for rental assistance and legal aid for tenants who are behind on their rent.
In a press release issued on September 25, Governor Greg Abbott announced the allocation of over $171 million in funding from the CARES Act which will primarily be used for targeted rental assistance for Texans at risk of becoming homeless due to eviction.
Out of these funds, $167 million will go to targeted rental assistance and $4.2 million will be allocated through the Texas Supreme Court to help the state’s legal aid providers and pro bono lawyers provide basic legal services to eligible Texans through this pandemic.
The Governor’s press release goes on to say that the funding will allow the Supreme Court of Texas, the Office of Court Administration, and the Texas Department of Housing and Community Affairs (TDHCA) to work in partnership with local governments and non-profits and the newly created Texas Eviction Diversion Program to help renters stay in their homes, catch up on missed rental payments, and avoid an eviction on their records.
The Supreme Court’s order will become effective on October 12, 2020, for pilot counties prescribed by the Office of Court Administration, and on November 9, 2020, for all other counties. This order expires December 18, 2020, unless extended by the Chief Justice of the Supreme Court.
(AUSTIN) – The Texas Department of Housing and Community Affairs (TDHCA) has announced awards through the 2020 Housing Tax Credit (HTC) Program allocation that will help finance the development or rehabilitation of rental properties offering reduced rents and increased housing options throughout the state. The awards are made possible through the Competitive (9%) HTC Program.
TDHCA will provide $81.6 million in housing tax credits to private developers constructing or rehabilitating 71 properties (totaling 5,296 units) across the state that will offer rents affordable to households earning up to 60 percent of the area median family income. 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 today’s awards an approximate value of $810 million over the 10-year term.
“With today’s awards, TDHCA continues its efforts to establish or rehabilitate high-quality and affordable housing for working families and elderly Texans,” explained Bobby Wilkinson. “The housing tax credit programs serve not only as essential financial tools to aid in the development and construction of affordable housing, but also help local economies with strong job creation.”
This year’s Competitive 9% HTCs are expected to help finance the building of 54 high quality, new properties with a total of 4,359 units, and the rehabilitation of 17 properties offering 937 units to income-eligible households across the state. The at-risk set aside, totaling more than $12 million for the 2020 cycle, is used for the rehabilitation or reconstruction of aging housing developments that could soon lose rental subsidies provided to their low-income residents.
In 2019, the HTC Programs (Competitive 9% and Non-competitive 4% HTC Programs) accounted for more than $136 million (par value of $1.36 billion) being awarded to developers to help in the construction or rehabilitation of more than 120 multifamily properties, with more than 12,500 units being preserved or built. It’s estimated that the new construction and rehabilitation of those developments, alone, led to the creation of more than 25,000 jobs statewide, and produced an approximately $4.2 billion economic impact for the state**.
The Housing Tax Credit Program, authorized under the Internal Revenue Code, is the state’s primary means of directing private capital toward the development of affordable rental housing. Developers use proceeds from the sale of the credits as financing for their property. The credits announced today are designed to cover approximately 70 percent of each property’s eligible development costs.
*As of December 2019.
**total does not include job creation, increased property tax valuations, and economic activity made possible by reduced rents.
About the Texas Department of Housing and Community Affairs
_The Texas Department of Housing and Community Affairs is committed to expanding fair housing choice and opportunities for Texans through the administration and funding of affordable housing and homeownership opportunities, weatherization, and community-based services with the help of for-profits, nonprofits, and local governments. For more information about fair housing, funding opportunities, or services in your area, please visit www.tdhca.state.tx.us or the Learn about Fair Housing in Texas page. _