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Report relating to the conclusion of the 2025 Non-competitive 4% Housing Tax Credit Program and an update on the 2026 Non-competitive 4% Housing Tax Credit Program.
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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.
2025 Application Log Summary
The 2025 Private Activity Bond (PAB) program annual ceiling amount was $3.8 billion, and as of January 8, 2026, eligible requests totaled approximately $9.7 billion, with much of the requests coming from multifamily issuers. The 2025 4% HTC Application Log is included as Exhibit A and reflects those applications that were submitted to TDHCA from December 2024 through December 2025 in conjunction with the issuance of bond reservations from the Bond Review Board.
Currently, there are 10 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 $16M in 4% Housing Tax Credits, and 1,684 total units. Additionally, the log reflects 43 applications that have closed on their respective bond allocations. Those projects that have closed represent 9,753 units and over $108 million in 4% Housing Tax Credits. Altogether, when considering what has closed, and been approved, the total number of units is 11,485, and approximately $124 million in 4% tax credits.
Also reflected on the log are three pre-applications that were submitted to TDHCA and added to the Department'...
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