The Texas Department of Housing and Community Affairs (TDHCA) has announced financing for Creedmoor Farms, a 300-unit affordable housing property in Creedmoor. The project, located at 5107 FM 1327, will provide housing affordable to local residents making at or below 80 percent of the Area Median Income.
"The 4% Housing Tax Credit Program is an important component to increasing the supply of quality, affordable housing in Texas," said Bobby Wilkinson, TDHCA's executive director. "With this award, nearly $3.6 million, residents in and around Creedmoor will soon have more options to help support their financial well-being and raise their families in the community in which they live."
The financing for Creedmoor Farms was made possible through TDHCA's Non-Competitive 4% Housing Tax Credit (HTC) Program. Under this program, investors who purchase credits allocated to developers can 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. In the case of Creedmoor Farms, the tax credits amount to an approximate value of $36 million over the 10-year term.
This marks the first time a multifamily property in Creedmoor has been financed through TDHCA's housing tax credit programs. The agency's commitment to affordable housing is evident in its efforts to finance over 12,000 affordable units across the state in 2023, representing approximately $137 million in tax credits.
The financing provided by TDHCA will not only increase the availability of affordable housing in Creedmoor but also contribute to the overall well-being of its residents. By offering housing options that are within their financial reach, families in Creedmoor can enjoy a higher quality of life and remain connected to their community.
The Texas Department of Housing and Community Affairs encourages residents to stay updated on program releases, information on how to apply for assistance, and other news on their newly launched website, Tdhca.Texas.gov. It is important for individuals to update their bookmarks to the new site URLs to ensure easy access to relevant information.
The financing for Creedmoor Farms is a testament to TDHCA's commitment to addressing the affordable housing needs of communities in Texas. Through their programs and initiatives, the agency continues to make a significant impact in increasing the supply of quality and affordable housing across the state.
