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Report relating to the 2024 Non-competitive 4% Housing Tax Credit Program and a preliminary 2025 Program forecast.
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BACKGROUND
The 4% Housing Tax Credit (HTC) applications are reviewed by program, underwriting, and compliance staff within an approximately 90-day period, and Determination Notices are issued once all reviews are complete and the underwriting report is posted to the Department's website. Applications are submitted at the beginning of each month and are then slated for a Determination Notice to be issued approximately 90 days later, which generally coincides with the Board meeting calendar, in order to provide internal and external expectations regarding the Determination Notice issuance date.
2024 Application Log Summary
The 2024 Private Activity Bond (PAB) program annual ceiling amount was $3.8 billion, and as of December 19, 2024, eligible requests totaled approximately $8.2 billion with much of the requests coming from multifamily issuers. The 2024 4% HTC Application Log is included as Exhibit A and reflects those applications that have been submitted to TDHCA from December 2023 through December 2024 in conjunction with the issuance of bond reservations from the Bond Review Board.
Currently, there are 21 applications under review for a total of 4,435 units, and approximately $59 million in requested 4% Housing Tax Credits. Additionally, reflected on the log are nine applications that have been approved, and have had Determination Notices issued, but have yet to close. Those approved applications represent total issuances of more than $22 million in 4% Housing Tax Credits, and 2,096 total units. Moreover, the log reflects 38 applications that have closed on their respective bond allocations. Those projects that have closed represent 9,205 units and over $105 million in 4% Housing Tax Credits. Altogether, when considering what has closed, been approved, and is currently active, the total number of units is 15,736.
Also reflected o...
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