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Developers press for higher 9% LIHTC cap as rising construction costs shrink projects; preservation advocates warn of lost projects
Summary
Senate Bill 8 98 would raise the per‑development cap on 9% low‑income housing tax credits from $2 million to $3 million to account for higher construction and development costs.
Senate Bill 8 98, carried by Senator Juan Hinojosa (Senator Blanco laid it out in committee), would increase the statutory cap on per‑development awards of 9% Low‑Income Housing Tax Credits from $2,000,000 to $3,000,000 to compensate for construction inflation and rising costs.
Bobby Bolling, a developer from El Paso, and others representing the Texas Affiliation of Affordable Housing Providers argued that a larger per‑project cap would create economies of scale, reduce per‑unit construction costs, and allow more units to be produced in single…
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