Texas Department of Housing and Community Affairs Announces $87.7 Million In Housing Tax Credits
FORT WORTH, Texas – The Governing Board of the Texas Department of Housing and Community Affairs (TDHCA) voted on July 27 to approve awards of 2023 9% housing tax credit funds to 54 developments, including the Fort Worth Housing Solutions development Babers Manor.
“We are delighted to receive this award to aid in the funding for Babers Manor, an integral part of the Stop Six Choice Neighborhood Initiative,” Fort Worth Housing Solutions President Mary-Margaret Lemons said. “The transformation taking place in historic Stop Six is making a lasting impact on our community. Babers Manor will be a place for our residents to call home, with options for our families to thrive.”
Clarence Donald Babers (1946-2020)
Babers Manor, a pivotal project within the Stop Six CNI, is an 80-unit, mixed-income family community paying tribute to community leader Clarence Donald Babers. The development, situated between S. Hughes Ave and S. Edgewood Terrace, will comprise 51 low-income units and 29 market-rate units. Financial closure for Babers Manor is anticipated in early 2024, with construction set to commence soon after.
TDHCA has awarded $87.7 million in total for housing tax credits to help finance the development or rehabilitation of 54 rental properties offering reduced rents and increased housing options for Texans throughout the state.
Provided through the TDHCA Housing Tax Credit Program (HTC), these awards will help developers construct or rehabilitate more than 3,100 housing units and offer affordable rent to households earning up to 80% of the median family income in their respective areas.
“The HTC Program is critical to ushering in a new era of opportunity for Stop Six,” said Mayor Pro Tem Gyna Bivens, who serves District 5 including Stop Six. “We’re so excited and proud to welcome our beloved community to Babers Manor with all services and amenities needed to succeed in a modern housing environment.
“The nation recognized Mr. Babers for leading the public housing rebuild in New Orleans following Hurricane Katrina as directed by President George W. Bush. Mr. Babers worked tirelessly to ensure that those that were displaced were provided modern and safe housing. We are honored to recognize Mr. Babers in the city he called home.”
The HTC Program is one of the primary means of directing private capital toward the development and preservation of affordable rental housing for low-income households. Tax credits are awarded to eligible participants to offset a portion of their federal tax liability in exchange for the production or preservation of affordable rental housing.
Competitive Tax Credits (9%) are awarded based on a Regional Allocation Formula (RAF) with additional set asides for developments at risk of losing affordability and subsidy, developments financed through USDA, and those with nonprofit owners.
