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From Longview News Journal

The City Council in Longview, Texas voted unanimously to support a proposal to place senior housing on the site of a nursing center that suffered severe tornado damage.

Legacy Trails of Longview is seeking tax credits from the Texas Department of Housing and Community Affairs to help offset development costs so as many as 100 market-rent and affordable apartment homes can be built. The 9 percent tax credit program is highly competitive with only a limited number being distributed across the State of Texas. A resolution of support from a City Council is needed if the developer hopes to gain enough points in the scoring process to be awarded the tax credits.

The Housing Tax Credit program is a federal program that is part of the IRS tax code whereby tax credits are distributed to states based on population. The Texas Department of Housing and Community Affairs (TDHCA) administers the program, setting rules by which developers must follow. Developers that are awarded tax credits sell the credits to investors to raise capital to help pay for construction costs. The savings is then passed on to residents in the form of lower rent. According to TDHCA rules, developments that receive tax credits must maintain rigorous standards and affordability for a minimum of 15 years, or risk losing awarded credits.
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