The cost of buying or renting a home in Central Texas has skyrocketed in the last decade, leaving many Central Texans struggling to pay their bills and threatening Texas’s long-standing affordability advantage. We need more housing to meet the needs of our growing population and workforce, but the high cost of construction, labor, materials and financing makes it difficult for private developers to build housing at a price that many Texans can afford.
How We Help
Single-Family Housing
CAHFC issues single-family Mortgage Revenue Bonds to provide below market mortgage rates for first time homebuyers. In addition, closing cost and down payment assistance (DPA) can be built into the bond structure and/or supplemented with CAHFC’s funds.
To increase our ability to assist first-time homebuyers, CAHFC also partners with the Texas Department of Housing and Community Affairs (TDHCA) to provide families with incomes between 80-120% of the community’s Area Median Income (AMI) with closing cost and down payment assistance to help buy single-family homes. In addition to DPA funds available through TDHCA, CAHFC provides additional DPA utilizing our own funds in the form of non-repayable grants to maximize DPA, further alleviating one of the biggest obstacles for first time homebuyers.
Multifamily Housing
CAHFC helps build apartments affordable to families and seniors making at or below 60% of the AMI by providing developers with tax-exempt Mortgage Revenue Bond financing. These bonds are typically paired with federal Low Income Housing Tax Credits (LIHTC). This provides favorable financing terms to lower the cost of development, which allows for a deeper level of affordability.
In addition to acting as the bond issuer, CAHFC can also participate in the ownership structure of a multifamily development. Under Texas Local Government Code 394, a housing finance corporation is considered an Instrumentality of Government and therefore exempt from ad valorem taxes. When needed, CAHFC in its role in the ownership structure of the development can provide that exemption to facilitate affordable housing for households earning at or below 60% AMI.
CAHFC works closely with its sponsoring jurisdictions to ensure that the housing provided meets the goals of the community. We will not participate in transactions that do not meet the needs of the community.
Investors
With 44+ years of experience financing and helping develop properties across various counties in Central Texas, we have built a vast network of partners within the housing industry. Please contact us to learn more about investment opportunities with CAHFC.
Texans Assisted with first time home buy
Financed affordable apartments for seniors & families