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| PINNACLE HOUSING GROUP |
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9400 S Dadeland Blvd |
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Suite
#100 |
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Miami, FL 33156 |
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305-854-7100 |
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| Published Friday, July 29, 2011 |
The Texas Department of Housing and Community Affairs (TDHCA) and State Senator Troy Fraser today announced financing for a rental property in Abilene (to be developed by an affilaite of Pinnacle Housing Group) that will combine an affordable rent with the aesthetic qualities of a high-end development. This property will expand housing options for the area's growing population of retirees and younger working families while generating a significant impact on the economy.
TDHCA awarded $1.3 million in housing tax credits to private developers constructing the 120-unit Tylor Grand Apartments, a rental property that will serve tenants earning no more than 60 percent of the area median family income. For Abilene, this equals an annual income of $31,020 for a family of four.
"I am pleased to learn that the Tylor Grand Apartments received this funding award from TDHCA," said Senator Fraser. "Tax credits play an important role in providing housing options for low-income residents, and this development is certain to have a positive impact on Abilene. I encourage TDHCA to continue working with local officials and neighborhood groups to develop affordable housing in areas where it is most needed."
"Most cities in Texas are currently experiencing high rental occupancy rates, with demand often driving rents beyond what many households can afford," explained TDHCA Acting Executive Director Tim Irvine. "Our primary mission is to help build stronger communities and keep our economy robust by expanding the stock of quality rental housing and offering tenants the long-term benefits of a stable, secure home life. All Texans benefit from the construction jobs, payroll funds, and sales tax revenue that today's awards will generate for the state and local economies."
The award was one of 38 TDHCA made through the 2011 Housing Tax Credit Program allocation, the state's primary means of directing private capital toward the creation or retention of affordable rental housing. This U.S. Treasury program allocates credits to the states according to a formula currently set at $2.15 per capita.
The credits provide developers and their investment partners with a benefit used to offset a portion of their federal tax liability in exchange for the production of high quality affordable rental housing subject to rigorous monitoring to ensure quality and affordability are maintained.
In addition to the needed affordable housing, Abilene is also expected to benefit from the economic multiplier of the local development made possible by these awards.
According to a recent study by the National Association of Home Builders, the direct impact of a typical 100-unit property developed through housing tax credits includes 122 full-time construction jobs, $7.9 million in total wages and salaries, and $827,000 in taxes and other revenue to state and local governments.
TDHCA anticipates that the 2011 credit allocation of approximately $39.5 million will help create or retain as many as 3,457 affordable rental units statewide, creating a direct economic impact totaling an estimated $276.5 million for the state.
For more information about the Housing Tax Credit Program and the Department's 2011 allocation cycle, please visit the program online at: www.tdhca.state.tx.us/multifamily/htc/index.htm |
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