ABILENE, Texas (KTAB/KRBC) — A private developer has received $600,000 in housing tax credits to help turn a former Abilene school building into low-income housing for the elderly.
The construction will take place at the former Travis School in the 1100 block of South 9th Street in Abilene, and is expected to create 29 units.
According to a news release issued by the Texas Department of Housing and Community Affairs (TDHCA), the developer was awarded $600,000 through the 2021 9% Housing Tax Credit program.
The developer will receive the credit to offset their federal tax liability for 10 years, bringing the value of the award to approximately $6 million, TDHCA says.
In exchange for these tax credits, the developer will offer the units at an affordable price to income-eligible residents for about 30 years.
The program allocation aims to help provide money for the development or rehabilitation of rental properties providing reduced rents and increased housing options throughout the state, the release states.
TDHCA will provide nearly $84.7 million in housing tax credits to private developers constructing or rehabilitating 70 properties (totaling 5,192 units) across the state that will offer rents affordable to households earning up to 80 percent of the area median family income.