Housing Tax Credit Requests
The Texas Department of Housing and Community Affairs has a number of programs through which private developers can receive financing. If you are seeking City support and letters for application packets, please contact the Housing Coordinator at email@example.com or 512-930-8477 for such requests.
Upcoming Deadline for 9% HTC Resolutions
December 1, 2019 Rezoning Application (if site not entitled for apartments)
December 31, 2019 HTC Resolution Request Application
See application packet for more details.
What are Housing Tax Credits (HTCs)?
The federal housing tax credit program is a means of directing private capital toward the creation of affordable rental housing. Owners and investors in qualified affordable multifamily residential developments can use the housing tax credits as a dollar-for-dollar reduction of federal income tax liability. The value associated with the housing tax credits allows residences to be leased to qualified families at below market rate rents. The Texas Department of Housing and Community Affairs (TDHCA) is the only entity in the state of Texas with the authority to allocate housing tax credits under this program. To qualify for housing tax credits, the proposed development must involve new construction or undergo substantial rehabilitation of residential units (at least $15,000/unit). The credit amount a development may receive depends on the total amount of depreciable capital improvements and the funding sources available to finance the total development cost.
What is a Resolution of Support?
The Texas Department of Housing and Community Affairs requires developers to obtain a Resolution of Support from municipalities that have more than two times the average amount of tax credit units compared to cities of similar sizes throughout Texas. Since Georgetown falls into this category, any developer wishing to apply for HTCs must apply to the City Council for the Resolution of Support.
Resolution of Support Process.
If you wish to request a resolution of support, the request first has to be considered by the Georgetown Housing Advisory Board, which will review the application and forward the item to City Council with a recommendation for support or denial.
Below is an application and checklist of information required by the board to consider the resolution request. Please note that there have been revisions to the local review process. Review the packet and contact the Housing Coordinator if you have any questions.