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The Texas Department of Housing and Community Affairs (TDHCA) will allow developments under the Housing Tax Credit program to self-certify household assets if the total value of net family assets is equal to or less than $50,000.

Developments with Housing Tax Credit (HTC), Tax Credit Exchange (TCEP), Tax Credit Assistance Payment (TCAP) or Texas Housing Trust Fund (THTF) funds that are 100% low-income projects will not be required to verify assets by first-hand or third party methods during the initial certification unless the net family assets value over $50,000. HTC, Exchange, THTF and TCAP developments/projects with market units will not be required to verify assets using first-hand or third party methods during the initial certification or during any  recertification unless the total value of net family assets is over $50,000.

BOND program requirements will change the treatment of assets. Assets at BOND funded developments must be fully verified by first-hand or third party verification at initial certification, and fully verified every third year of tenancy when a full income recertification is required.

Developments funded with Multifamily Direct Loans {HOME Investment Partnership (HOME), HOME-American Rescue Plan (HOME-ARP), National Housing Trust Fund (NHTF) and Tax Credit Assistance Payment-Repayment Funds (TCAP-RF) will be required to verify all assets by first-hand or third party verification during the initial certification and during each sixth year of affordability period certifications.

Developments with Neighborhood Stabilization Program (NSP) funds will be required to verify all assets by first-hand or third party verification only during the initial certification.

For questions please contact Amy Hammond at [email protected].