FOR IMMEDIATE RELEASE
August 1, 2023
AUSTIN, TX — Yesterday, Governor Greg Abbott announced that the Texas Department of Housing and Community Affairs (TDHCA) has allocated $87.7 million in housing tax credits. These funds will be utilized to finance the development or rehabilitation of 54 rental properties across the state, thereby expanding housing options and reducing rents for Texans in need. The TDHCA Housing Tax Credit Program (HTC) will enable developers to construct or renovate over 3,100 housing units, ensuring affordable rent for households earning up to 60% of the median family income in their respective areas.
Senator Juan “Chuy” Hinojosa reported that MillPond at Alice (formerly Guadalupe Haciendas) in Alice, TX, is a recipient of an award and has been granted an estimated $1 million Tax Credit, pending the final underwriting process. Guadalupe Haciendas has played a vital role in the community, providing essential affordable housing for families for over five decades. Despite the best efforts of the current nonprofit owner to maintain the property with limited resources, its condition has continued to deteriorate. The proposed renovation by the developer, FishPond Development, will revitalize this property and enhance the quality of life for existing residents. The preservation of eighty housing units, along with the affordability provided by the Project Based Section 8 HAP Contract, will be a significant achievement.
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. This results in a potential total award of up to $10 million for the MillPond at Alice project. Senator Hinojosa commends FishPond Development for their dedication to this project and their commitment to improving the community. He also extends his gratitude to Alice Mayor Cynthia Carrasco, the City Council, and City Manager Michael Esparza for their leadership, unwavering dedication, and steadfast support in addressing the needs of the community and families in need.
Senator Hinojosa emphasizes the importance of investing in affordable housing and rehabilitating properties to enhance the quality of life and improve communities. He states, "Affordable housing is a fundamental necessity for our fellow Texans. By investing in these housing tax credits, we are not only providing families with a safe and stable place to call home but also revitalizing our communities. The rehabilitation of this property will have a lasting impact on the lives of countless individuals and families in the City of Alice. I congratulate all who have been involved in this process and thank them for making affordable housing a priority.”