Texas Senior Care and Housing Directory
Texas Senior Care and Housing Directory
Elder Options of Texas Social Media Facebook Twitter LinkedIn Pinterest Google+
Live Better Every Day with Lifestyles

Texas Tax Credit Apartment Communities for Seniors

An Affordable Lifestyle for Seniors on Fixed Incomes

Elderly adults

Find Senior Services by Texas Region

Find Affordable Senior Apartments:

Imagine waking up in your beautifully appointed apartment home and taking a leisure stroll around the impeccably landscaped grounds and natural pond. Or, enjoying a refreshing dip in a pristine swimming pool after an work-out in the fitness studio. It’s now possible with monthly rentals often starting at just $650.00 / mo.

About Texas Tax Credit Apartments

Senior apartments that advertise the word ‘affordable’ are generally tax credit apartment communities aka Texas affordable senior apartments. Each tax credit senior apartment community has different income requirements so it's important to ask when contacting them. You will also often see the words “Age and Income Guidelines Apply”.

The Texas tax credit program is one of the primary means of directing private capital toward the creation of affordable rental housing. The tax credits provide investors of affordable rental housing with a benefit that is used to offset a portion of their federal tax liability in exchange for the production of affordable rental housing. The value associated with the tax credits allows residences in HTC developments to be leased to qualified families at below market rate rents.

Developer Qualifying Requirements

To qualify for Texas tax credit apartments, the proposed development must involve new construction or substantial rehabilitation of existing residential units (at least $12,000/unit in direct hard costs).

The amount of tax credits that may be applied for depends on: the amount and type of additional funding sources, the total amount of qualified development costs to be incurred, the percentage of rent restricted units set aside in the development for eligible tenants, and location in communities designated as Difficult Development Areas and Qualified Census Tracts.

Each qualified tax credit development must include a minimum percentage of rent restricted units to be set aside for eligible tenants. Pursuant to the Code, a qualified housing development means any development approved by the Department for residential rental occupancy if the development meets either of the following
requirements:

Red arrow Twenty percent (20%) or more of the residential units in such development are both rent restricted and occupied by individuals whose income is fifty percent (50%) or less AMFI;

Red arrow Forty percent (40%) or more of the residential units in such development are both rent restricted and occupied by individuals whose income is sixty percent (60%) or less of AMFI.

Texas tax credit apartments may only be claimed on the units that have been set-aside for participation under this program. It is possible, but not required, for development owners to set aside one-hundred percent (100%) of any development for consideration under the tax credit program and in doing so claim the maximum amount of tax credits eligible for the development.

 

DISCLAIMER: Links to other websites or references to products, services or publications do not imply the endorsement or approval of such websites, products, services or publications by Elder Options of Texas. The determination of the need for senior care services and the choice of a facility is an extremely important decision. Please make your own independent investigation.

Facebook Twitter LinkedIn Pinterest StumbleUpon Google+