Texans could soon see lower rental costs following the announcement of more than $114 million in housing tax credits aimed at boosting the state's affordable housing supply.
Governor Greg Abbott announced the funding allocation Thursday, which will help finance the development or rehabilitation of 70 rental properties across the state.
The initiative is designed to increase the availability of high-quality, affordable options for low- to moderate-income residents.
Bobby Wilkinson, executive director of the Texas Department of Housing and Community Affairs, said the tax credits will leverage private capital to enable developers to build or improve more than 4,400 affordable rental units.
The properties involved in the program will include a mix of new construction and renovations of existing complexes, targeting both urban centers and rural communities experiencing high housing demand.
