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AFFORDABLE HOUSING MAGAZINE TEXAS

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As our platform continues to evolve, so does As platform continues to evolve, does theour responsibility that comes with it.soThere’s the responsibility thatbusiness comes with There’s a human side to this thatit.can’t be aoverlooked, human sideespecially to this business that can’t be in affordable housing, overlooked, especially in affordable housing, which is why the focus isn’t simply on scale which is why the focus isn’t simply on scale alone. Instead, Instead,it’s it’son onoperating operatingthese these alone. communities with the understanding the communities with the understanding ofofthe instrumentalrole rolestable stablehousing housingplays playsinin instrumental people’s lives. lives. people’s

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AsAsa afirm, firm,we wetake takeimmense immensepride pridein inoffering offering management services for a full spectrum management services for a full spectrum of of affordable housing programs. Our dedication affordable housing programs. Our dedication totodelivering deliveringbest-in-class best-in-classhousing housingsolutions solutions has ranked us first on the National Affordable has ranked us first on the National Affordable Housing HousingManagement ManagementAssociation’s Association’s2026 2026 Affordable 100 List. Affordable 100 List.

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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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Contents

GENERAL

14 Contributors

ARTICLES & ADVERTISERS

16 A Message from TAAHP

ROGER ARRIAGA, EXECUTIVE DIRECTOR

22 President’s Message

M E G H A N C A N O , TA A H P P R E S I D E N T

24 TAAHP Leadership BOARD OF DIRECTORS

42 A Message from Leadership

K AT H R Y N S A A R , TA A H P G O V E R N M E N T & L E G I S L AT I V E A F F A I R S C O M M I T T E E C H A I R / TA A H P P R E S I D E N T- E L E C T

F E AT U R E S Path to Homeownership 26 The Begins with a Lease E L A I N E A C K E R , F O R TA A H P

the Rent: Framing 34 Beyond Public Benefits of Affordable

34 73

Housing

E L A I N E A C K E R , F O R TA A H P

90th Legislative Session: One that Demands Focus

W H I T N E Y PA R R A

Texas’ Next Affordable Housing Crisis: Water — How Housing Providers Can Be Part of the Solution E L A I N E A C K E R , F O R TA A H P

Housing Success 73 Affordable Stories

SPOTLIGHT ON AFFORDABLE HOUSING COMMUNITIES

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Texas’ Leading Affordable Housing Renovation Contractor We believe better housing creates strong families. Setting the Texas Standard

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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Building stronger communities through affordable housing solutions Corporate Trust and Escrow Services

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Shazia Flores Senior Vice President Regional Manager 713.300.0586 Shazia.Flores@umb.com

CONTRIBUTORS

CREDITS

Elaine Acker

Published By

Publisher

Advertising, Sponsorship Sales

Art Director / Design / Editor

∙ The Path to Homeownership Begins with a Lease ∙ Beyond the Rent: Framing the Public Benefits of Affordable Housing ∙ The Next Affordable Housing Crisis: Water — How Housing Providers Can Be Part of the Solution

Whitney Parra ∙ 90th Legislative Session: One that Demands Focus

Spotlight: Affordable Housing Community Success Stories:

Alamo Architects, Foundation Communities, Housing Trust Group, Madhouse Development, The NRP Group, O-SDA Industries, Ojala Holdings, Overland Property Group, Pavilion Construction, Seldin Companies, SGI Ventures, Palladium USA, MarkDana Corporation

Special Thanks to

Mary-Margaret Lemons, Bobby Bowling, Darren Smith, Amy Connolly, Meg Maffitt, Jonathan Campbell, Leah Campbell, Philip Boyd

ADVERTISERS Alliant Insurance Services . . . . . . . . . . . . 8 AOG Living. . . . . . . . . . . . . . . . . . . . . . . . 17 April Housing. . . . . . . . . . . . . . . . . . . . . . 63 Aprio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Asset Living . . . . . . . . . . . . . . . . . . . . . . . . 5 Baker Tilly. . . . . . . . . . . . . . . . . . . . . . . . . 55 BakerHostetler. . . . . . . . . . . . . . . . . . 64, 65 Bank of America . . . . . . . . . . . . . . . . . . 110 Barings. . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Bayard Management Group . . . . . . . . 126 Berkadia. . . . . . . . . . . . . . . . . . . . . . . . . . 98 BETCO Housing Lab . . . . . . . . . . . . . . . . 94 Blazer. . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 BOK FINANCIAL. . . . . . . . . . . . . . . . . . . . . 2 Bonneville Multifamily Capital . . . . . . 106 Boston Financial . . . . . . . . . . . . . . . . . . . 62 Bracewell LLP. . . . . . . . . . . . . . . . . . . . . . . 6 Bridgewater Bank. . . . . . . . . . . . . . . . . . 38 Camden Builders, Inc.. . . . . . . . . . . . . . . 69 Capital One . . . . . . . . . . . . . . . . . . . . . . . 69 CBRE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 Cedar Rapids Bank & Trust. . . . . . . . . . . 20 CenterPoint Energy. . . . . . . . . . . . . . . . . 52 CHR Partners. . . . . . . . . . . . . . . . . . . . . . 23 Citi Community Capital . . . . . . . . . . . . 122 Coats Rose. . . . . . . . . . . . . . . . . . . . . . . . . 1 CohnReznick . . . . . . . . . . . . . . . Back Cover CORT Furniture. . . . . . . . . . . . . . . . . . . . .68 Davis-Penn Mortgage Co.. . . . . . . . . . . 102 DAWGS Vacant Property Security. . . . . . 78 Deutsche Bank. . . . . . . . . . . . . . . . . . . . . 84 Diamond Property Consultants. . . . . . . 92 Dominium. . . . . . . . . . . . . . . . . . . . . . . . 19

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Texas Affiliation of Affordable Housing Providers 2401 E 6th Street, Ste 3037, PMB 153 Austin, TX 78702 (512) 476-9901; www.taahp.org Kristi Sutterfield, Conference Director kristi@taahp.org

Roger Arriaga, Executive Director roger@taahp.org

Naomi Bludworth, Deputy Executive Director naomi@taahp.org

Contributing Editors

Ashley Alvarado, Policy & Regulatory Manager, ashley@taahp.org Jessica De Leon, Operations Manager, jessica@taahp.org Theresa Claiborne, Events & Education Manager, theresa@taahp.org Emily Loe, Digital Marketing Coordinator, emily@taahp.org Anthony York, Intern, intern@taahp.org

Although every attempt is made to be as comprehensive and accurate as possible, the Texas Affiliation of Affordable Housing Providers (TAAHP) and its affiliates are not responsible for any misprints, errors, omissions, deletions, or the accuracy of the information in the publication. TAAHP and its affiliates do not accept responsibility for any loss, injury or inconvenience sustained by anyone using this publication. Information may have changed since print date. Copyright© 2026 by the Texas Affiliation of Affordable Housing Providers. All rights reserved. No part of this publication may be reproduced or transmitted in any form, by any means, electronic, mechanical, photocopying or otherwise without the written permission of the Publisher. The Texas Housing Conference™ is a protected trademark.

DOZ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 EisnerAmper . . . . . . . . . . . . . . . . . . . . . . 18 Empower CDC. . . . . . . . . . . . . . . . . . . . . 85 Enterprise. . . . . . . . . . . . . . . . . . . . . . . . . 93 Fairstead. . . . . . . . . . . . . . . . . . . . . . . . . 110 Federal Home Loan Bank of Dallas. . . . 77 FGM Architects. . . . . . . . . . . . . . . . . . . . . 77 First American Title Insurance Co. . . . . . 12 FTK Construction Services. . . . . . . . . . . . 37 Gage Commercial Construction. . . . . . 114 Goodman. . . . . . . . . . . . . . . . . . . . . . . . . 98 Gray Wolf Construction. . . . . . . . . . . . . . 30 Hillmann Consulting LLC. . . . . . . . . . . . 83 Hilltop Securities. . . . . . . . . . . . . . . . . . . 78 Hudson Housing Capital . . . . . . . . . . . . 25 Hunt Capital Partners. . . . . . . . . . . . . . . 84 ICON Builders . . . . . . . . . . . . . . . . . . . . . 11 ICON National. . . . . . . . . . . . . . . . . . . . 102 ION Water. . . . . . . . . . . . . . . . . . . . . . . . . 61 ITEX. . . . . . . . . . . . . . . . . . . . . . . . . . 54, 122 J.P. Morgan . . . . . . . . . . . . . . . . . . . . . . . 92 JLL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 JPI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 KeyBank. . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Kittle Property Group, Inc. . . . . . . . . . . . . 8 L+M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Legacy Bank & Trust Company. . . . . . . . 41 Lument. . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Merchants Capital. . . . . . . . . . . . . . . . . . 99 National Equity Fund, Inc. . . . . . . . . . . . 72 NEI General Contracting. . . . . . . . . . . . . 20 Newmark Affordable Housing Advisors. . 66 Nixon Peabody LLP. . . . . . . . . . . . . . . . . 62 Northmarq. . . . . . . . . . . . . . . . . . . . . . . . 54 Novogradac & Company LLP . . . . . . . . . 68

Palladium. . . . . . . . . . . . Inside Back Cover Parcell. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Pavilion Construction. . . . . . . . . . . . . . 111 Pedcor Investments. . . . . . . . . . . . . . . . .71 Plummer . . . . . . . . . . . . . . . . . . . . . . . . . 88 PNC Bank. . . . . . . . . . . . . . . . . . . . . . . . 115 Portfolio Resident Services. . . . . . . . . . . IFC Precision Reconstruction Group . . . . . 106 Premier Compliance Consulting. . . . . . 40 Project Access. . . . . . . . . . . . . . . . . . . . . . 40 PropUp. . . . . . . . . . . . . . . . . . . . . . . . . . 123 R4 Capital. . . . . . . . . . . . . . . . . . . . . . . . . . 7 Rainbow Housing. . . . . . . . . . . . . . . . . . 21 RBC Capital Markets. . . . . . . . . . . . . . . . . 4 Ready Capital Affordable Multifamily. . . 118 RealPage, Inc.. . . . . . . . . . . . . . . . . . . . . .66 Red Stone Equity Partners LLC. . . . . . . . 88 Regions Affordable Housing. . . . . . . . . 52 Seldin Company. . . . . . . . . . . . . . . . . . 103 Shackelford, McKinley & Norton, LLP . . . 3 Southeast Texas HFC. . . . . . . . . . . . . . . 107 Stellar Construction. . . . . . . . . . . . . . . . . 79 Stifel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic Housing Finance Corp.. . . . . . 30 SVN Affordable | Levental Realty. . . . . 118 The NRP Group . . . . . . . . . . . . . . . . . . . . 89 Tiber Hudson. . . . . . . . . . . . . . . . . . . . . . 53 UMB Bank . . . . . . . . . . . . . . . . . . . . . . . . 13 Vision+Architecture Studio. . . . . . . . . 119 Walker & Dunlop. . . . . . . . . . . . . . . . . . . 70 Weis Builders, Inc.. . . . . . . . . . . . . . . . . . 38 Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . 70 Whitestone Construction Group, LLC . . 67 Wilmington Trust. . . . . . . . . . . . . . . . . . 119 Yardi Systems. . . . . . . . . . . . . . . . . . . . . 114

EXECUTIVE DIRECTOR MESSAGE

s we we reflect on our recent milestones and look toward the future, one truth guides our path: The State of TAAHP is Strong. Our strength is the direct result of your incredible commitment, passion, and collective focus on a single mission: ensuring every Texan has a safe, quality, and affordable place to call home. Together, we have built a powerful coalition that drives real results, shapes public policy, and transforms local communities. Advocacy remains one of the cornerstones of TAAHP’s mission. Our collective voice Roger Arriaga carries immense weight under the pink dome in Austin. Thanks to the year-round efforts of our members, TAAHP has achieved legislative success in nearly every session TAAHP Executive Director over the last eight years. To amplify our impact and protect our industry’s future, we initiated and implemented the TAAHP Political Action Committee (PAC). The TAAHP PAC gives us an indispensable tool to support active champions of affordable housing and ensure our industry remains a top priority for state lawmakers.

Our advocacy succeeds because our numbers grow every year. TAAHP is celebrating its eighth consecutive year of robust membership growth, now boasting a network of nearly 850 members. This represents an incredible 122 percent growth since 2018. This remarkable growth is reflected in every event and education program associated with the organization. For example, the Texas Housing Conference has grown an astounding 278 percent in attendance over the last 10 years. Our strength is also measured by the actual lives we change. A heartwarming example is the TAAHP Scholarship program. Following a record $200,000 in scholarships awarded to 35 students in 2025, in 2026, we proudly awarded another record $280,000 to over 60 deserving students residing in TAAHP member owned or operated affordable housing communities. These funds support attendance at universities and trade schools, empowering the next generation of Texas leaders. Education also remains central to our mission. Over the last year, TAAHP hosted 15 educational webinars with over 700 attendees, keeping members ahead of market trends. Furthermore, production is underway for an exciting nationwide informational highlight by PBS featuring TAAHP, showcasing the critical importance of housing affordability to millions of viewers. True organizational strength requires deep roots, which we cultivate through active regional engagement. Over the last year, our Local and Municipal Affairs (LAMA) initiatives have hosted successful events in each of Texas’ major metros, including Dallas/Ft. Worth, Houston, Austin, and San Antonio. Behind these achievements sits a highly efficient structure. Much of our vital work is accomplished through the successful administration of 18 dedicated committees and subcommittees. We owe an immense debt of gratitude to our committee members, whose volunteer time, expertise, and leadership serve as the engine of our association. None of these milestones would be possible without the round-the-clock dedication of our hardworking staff. This year brings significant transitions, and we want to express our deepest appreciation to two wonderful departing staff members who leave an indelible mark on our association. We say a heartfelt thank you to Whitney Parra, our Senior Manager of Government Affairs, and Amanda Doyle-Nicholls, our Operations Manager. Their dedication and passion have elevated TAAHP to new heights, and we wish them the absolute best in their next chapters. As we say goodbye to old friends, we are thrilled to welcome fresh faces to help guide our future growth. Please join us in giving a warm Texas welcome to Jessica De Leon, our new Operations Manager; Ashley Alvarado, our new Policy and Regulatory Affairs Manager; and Anthony York, who joins us as our Policy Intern. We are excited to see the energy and expertise they bring to our advocacy and operations. Thank you to our members, volunteers, and staff for your dedication to your work that benefits so many Texas families. Let’s continue to prove that the state of TAAHP remains undeniably strong

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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BOARD PRESIDENT MESSAGE

erving as TAAHP’s 2025–2026 President has been one of the greatest pleasures of my professional life. As we gather once again for the Texas Housing Conference—one of the largest affordable housing conferences in the nation—I find myself reflecting with deep gratitude on the year we have shared and the road that lies ahead for our organization and the communities we serve. From day one I centered our work on a single question: How can TAAHP deliver greater value to the people who make this organization what it is? That focus became our theme — The Year of the Member — and guided every committee, program, and strategic decision.

Meghan Cano

2025-2026 Board President This was not simply a slogan. It was a commitment—a lens through which we evaluated every program, every benefit, and every dollar of your dues investment. Our committees were challenged to ask not just what they wanted to accomplish, but what our members needed most. The result has been a year of focused, purposeful work that I believe has meaningfully strengthened the fabric of this association.

We conducted a thorough review of engagement, programming, and resources, expanded educational offerings and networking, improved communications, and prioritized tangible member value. We reactivated the TAAHP PAC, launched a PAC fundraising event, and formed a new TAAHP Foundation Board—creating fresh leadership opportunities for members and officially transitioning the Scholarship Committee under the purvuew of the Foundation. I want to extend my heartfelt thanks to Gilbert Gerst and Quinn Gormley, and the Education Committee, as well as Ellie Fanning, Nick Walsh, and the Conference Committee for going above and beyond to create programming that is not only timely and relevant, but genuinely impactful. Your dedication to our members is evident in everything you produce. On the legislative front, Kathryn Saar and the Government Affairs team launched the 180 Initiative—using new technology to divide the House and Senate among members to build stronger relationships and deepen understanding of housing issues in every office. Thank you to our lobby team and partners (TALHFA, RRHA, TAB, TAA, TXNAHRO) for advancing policy that supports our industry. The QAP Committee, led by Karsten Lowe and Emily Ablen, provided data-driven, collaborative input to TDHCA—demonstrating the powerful results of member expertise in shaping policy that meets community needs. The affordable housing crisis facing Texas is not a challenge we will solve in a single year. But I leave this role more confident than ever that TAAHP is equipped for the task. Our membership is talented, our mission is clear, and the groundwork we have laid during this Year of the Member has set the stage for an even stronger association in the years to come. I also want to extend a special thank you to our Executive Director, Roger Arriaga, and the entire TAAHP staff. Their tireless behindthe-scenes efforts are the backbone of everything we do. Their professionalism, passion, and dedication make it possible for all of us to do our best work. To each of you—developers, lenders, investors, attorneys, consultants, and service providers—thank you. You are not simply building housing. You are building homes, creating opportunity, and restoring hope for families across the great state of Texas. That work matters more than words can fully express. It has been my sincere honor to serve as your President. Thank you for trusting me with this role—and for the extraordinary work you do every single day.

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

TAAHP Board of Directors

2 0 2 5 - 2 0 2 6

T A A H P

L E A D E R S H I P

Top Row, Left to Right: Meghan Cano, President; Nathan Kelley, Immediate Past President; Kathryn Saar, President-Elect Second Row, Left to Right: Darren Smith, First VP; Nick Walsh, Second VP; Eleanor Fanning (Ex-Officio), Secretary; Hector Zuniga, Treasurer Bottom, Left to Right: Valerie Williams, Jean Latsha, Dan Allgeier, Jen Brewerton, Avis Chaisson, Tracey Fine, Gilbert Gerst, Quinn Gormley, Summer Greathouse (Ex-Officio), Blair Henderson, Karsten Lowe, Ryan Lunderby, Brad McMurray, Stephanie Naquin (Ex-Officio), Rachel Thomas-Phillips

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Partnerships that Make a Difference

$2B

Closed in 2025 100% Proprietary 1

75%

Repeat Business with Developer Partners2

At Hudson Housing Capital, strong partnerships are the foundation of everything we do. We work closely with investors and developers, providing the expertise, resources, and direct engagement needed to structure and manage tax credit investments effectively. Our results affirm our belief that doing good work is good business — a belief all at Hudson apply every day.

630 FIFTH AVENUE, 28TH FLOOR, NEW YORK, NY 10111 | 212.218.4488 | HUDSONHOUSING.COM 1

Total equity committed by investors in 2025. 2 Percent of all developers with whom Hudson has invested in two or more discrete developments. Please refer to www.hudsonhousing.com/legal for additional disclosure about Hudson and the information provided above.

The Path to

HOMEOWNERSHIP BEGINS WITH A LEASE By Elaine Acker for Texas Affiliation of Affordable Housing Providers

omeownership is often viewed as the ultimate measure of economic and housing success. It represents stability, achievement, and the American Dream. But that success story skips a critical chapter. For most households, the path to homeownership begins long before a mortgage application. It begins with a lease agreement, where renters establish their footing and gain the financial predictability needed to move forward. And for many, that experience determines whether homeownership is ever attainable. Mary-Margaret Lemons, president of Fort Worth Housing Solutions (FWHS), has seen that progression firsthand with a client named AC. “AC came to us after camping and being homeless for over 10 years,” says Lemons. “He was able to move into one of our permanent supportive housing communities, get some wraparound services, and gain employment.” AC was a part of the first residents to move into a community called Casa de los Suenos. Using funds from COVID-19 emergency grants, FWHS was able to acquire a motel and convert it to the 119-unit permanent supportive housing community that now works every day to provide housing and wrap-around services to chronically homeless adults. AC settled into Casa de los Suenos and soon thereafter asked on-site staff for a garden bed to grow vegetables for himself and his neighbors. The garden quickly overgrew the original two raised beds on the property, and FWHS leadership realized they had the perfect candidate to manage the new community garden that would be coming to a development in a different area of Fort Worth. “We were able to hire him full time as a farmer for the Housing Authority,” says Lemons. “That’s his passion in life. It’s gardening.” Today, AC’s situation has changed dramatically. “Now he’s at a point where he may be ready to look for a single-family home because he’s making a housing wage,” says Lemons. As AC moves forward, his housing voucher becomes available for someone else. “You can literally come into this program from a shelter or a camp,” says Lemons, “and if you work the program, the program works for you.” That program is HUD’s Family Self-Sufficiency Program, which helps participants build financial independence over time. “Last year, we had 21 people buy homes, and we gave out over $200,000 in escrow to our program participants,” says Lemons. Participants work with a case manager

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continued on page 28

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

When rental housing is affordable and accessible, it creates the conditions people need to plan for the future.

and set goals over a five-year period. Instead of experiencing a rent increase as their income grows, the difference is placed into a savings account. At the end of the program, the funds are returned to the participant.“ I get to sign checks that they can use to pay for college, buy a car, or put a down payment on a house,” says Lemons. “It’s unrestricted and it can be truly life changing.”

Financial security follows a similar pattern. When households spend no more than 30 to 35 percent of their income on rent, they can save money, build credit, and prepare for long-term goals. When rent exceeds that threshold, those opportunities begin to disappear. Savings are delayed or depleted. Debt becomes harder to manage. Even well-prepared households can find themselves at a standstill.

Research from the National Association of Home Builders, the Urban Institute, and the National Low Income Housing Coalition reinforces a key point: affordable rental housing is not separate from homeownership. In many cases, it is the starting point.

The Urban Institute notes that high rental costs extend the timeline to homeownership by limiting a household’s ability to save for a down payment and build financial stability. At a broader level, this affects the health of the housing market itself. A steady pipeline of renters transitioning into ownership is essential to maintaining balance.

Bobby Bowling, president of Tropicana Building in El Paso, sees that progression play out every year. His firm helps approximately 10 to 12 families transition from rental housing to homeownership annually. In many cases, those new homeowners are the first in their family to own a home. He believes the housing credit program is one of the strongest examples of public-private partnership. “It is a financing tool that may need to be modernized,” says Bowling, “but it should never go away.” When rental housing is affordable and accessible, it creates the conditions people need to plan for the future. Families remain rooted in their communities. Children stay in the same schools. Adults maintain steady employment. Communities grow around continuity instead of disruption. Lemons points to another often-overlooked outcome of reliable housing: consistency for children. When families can remain in the same home, children are more likely to stay in the same schools, maintain routines, and experience greater educational continuity. Over time, that consistency creates stronger opportunities for long-term success. 28

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Yet the supply of affordable housing has not kept pace with demand. A report from the Texas Comptroller’s office showed that in 2023, Texas faced a housing shortage of more than 306,000 homes, with lower- and middle-income households impacted most significantly. Since then, affordability pressures have continued to intensify. “This is a housing crisis, and it’s going to get worse,” says Bowling. Hyperinflation in the construction and development industry since 2020 has impacted developers’ ability to deliver more housing at a time when El Paso alone faces an estimated shortage of approximately 70,000 units. “Today, we’re building 40-unit developments. But there was a time when we could do 100 to 150 units,” says Bowling. “The economies of scale and the inefficiencies we experience now make it much more expensive to operate and manage.” Developers are making a genuine difference in families’ lives. But some of the state’s most effective affordable housing developers are stepping back from new developments due

to increasing political and bureaucratic barriers. “I was a low-income person once,” says Bowling. “You were a low-income person once. I see myself and other developers as people who are working to do society a huge service by providing housing for low- and moderate-income families.” Instead of welcoming opportunities to build affordable housing, however, many municipalities are adding layers of bureaucracy that discourage development. As housing demand continues to rise, the long-term consequences of slowing production may be difficult to reverse. In many communities, viable options are limited. Even households that are working, planning carefully, and doing everything right can find themselves without access to dependable, quality housing. Taken together, these challenges point to a larger issue. The transition from renting to homeownership is becoming more difficult to achieve. Americans are also renting longer than previous generations, placing greater value on mobility and financial readiness before purchasing a home. At the same time, rising home prices, higher interest rates, and increased costs of entry have placed ownership out of reach for many households. Behind those national trends are individual stories of persistence and transition. Bowling shared the story of a single mother of two who, after a divorce, found herself without stable housing. She moved into one of Tropicana’s properties, took advantage of credit counseling and financial literacy workshops, and worked toward a nursing degree. Today, she is a registered nurse living in a Tropicana home across from the apartment community where she once rented. Bowling describes her story and others like hers as deeply moving and inspirational. For some, rental housing is no longer just a short-term step. It is becoming a longer-term reality. This shift makes affordable rental housing even more essential. When the path to ownership stretches further out, dependable housing becomes the foundation that allows households to remain financially and personally secure during the years in between. Not every renter is working toward homeownership. As Darren Smith, managing partner of Auxano Development, shared, “I literally had a city council person tell me that he wouldn’t support my [apartment] deal because he believed that people should want to have a front yard and a backyard and they should want to own a home.” That assumption does not reflect the reality of every household. For many individuals and families, renting is a

deliberate choice. It offers flexibility, reduces maintenance responsibility, and allows people to adapt as careers and family needs evolve. “We serve a lot of single mothers,” says Bowling. “And even if they could afford it, their focus is on their children. They don’t want the burdens and responsibilities of a home.” For many families, the priority is consistency, which happens when children remain connected to their schools, relationships, and routines while parents focus on longterm goals instead of constant disruption. That kind of stability can shape outcomes far beyond housing itself. It creates an environment where children can build confidence, pursue educational opportunities, and begin to see a pathway toward college, long-term financial security, and eventually homeownership of their own. For some households, that opportunity results in homeownership. For others, it supports long-term success as renters. Both outcomes are valid. And both depend on the same thing: access to housing that is affordable, dependable, and accessible. A healthy housing system does not rely on a single definition of success. It depends on a continuum of options that allow households to stabilize, grow, and make decisions aligned with their needs and goals. If communities are to remain economically resilient and housing markets are to function effectively, the focus must expand beyond homeownership alone. The priority must include a strong rental market. Rental housing supports workforce participation. It strengthens educational continuity. And it allows households to build financial capacity over time. Without it, the pathway to that first mortgage application becomes increasingly difficult for working families to navigate. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

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O U R TR ACK RE CO RD

$5 .7 B

40 0+

$165K

27+

TOTA L D EBT & EQ U I T Y COMMI TMEN T S

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YE A R HIS TO RY

Barings Offers a Broad Spectrum of Solutions Across Private Real Estate Debt and Equity

$62 .0 B

$24.9 B

$37. 1 B

RE A L E S TAT E

RE A L E S TAT E D EBT

RE A L E S TAT E EQ U I T Y

BA RIN G S .COM As of March 31, 2026

A BIG THANK YOU To Our Past Presidents 2024-2025

2023-2024

2022-2023

2021-2022

2020-2021

2019-2020

Nathan Kelley Blazer

Valerie Williams Bank of America

Jean Latsha Pedcor Companies, LLC

Chris Akbari ITEX

Janine Sisak DMA Development Co, LLC

Dan Kierce RBC Community Investments

2018-2019

2017-2018

2016-2017

2015-2016

2014-2015

2013-2014

Debra Guerrero The NRP Group, LLC

K. Nicole Asarch Rock Real Estate, Ltd./ Staffable Africa

Bobby Bowling Tropicana Building Corp.

Mahesh Aiyer Citi Community Capital

Justin MacDonald MacDonald Companies

George Littlejohn Novogradac & Company, LLP

2012-2013

2011-2012

2010-2011

2009-2010

2008-2009

Barry Kahn Hettig-Kahn Development Co.

Antoinette M. “Toni” Jackson The Banks Law Firm

Dan Markson The NRP Group, LLC

Linda McMahon Neighborhood Strategies, LLC

Mike Sugrue Stoneleaf Companies

2007-2008

2006-2007

2005-2006

2004-2005

Mike Clark Alpha-Barnes Real Estate Services

Granger MacDonald MacDonald Companies

Diana McIver DMA Development Co., LLC

Jerry Wright Dougherty & Company, LLC

Grateful

for Visionary Leadership

2003-2004 Mike Lankford Mike Lankdford Interests, LLC

2000-2001 Sally Gaskin SGI Ventures, Inc.

2002-2003

2001-2002

Chris Bergmann Lument

JOT Couch Texas Inter-Faith Group

1999-2000

1998-1999

Dick Kilday Kilday Realty Corp

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Edwina Carrington CHK Enterprise, LLC

We extend our deepest gratitude to TAAHP's past presidents for their leadership and dedication. Since its founding in 1997, TAAHP has been at the forefront of advocacy for increasing both the supply and quality of affordable housing for Texans, earning its reputation as the “Voice of Affordable Housing in Texas.” Through their vision and commitment, our former leaders have helped shape a strong industry network that advocates for innovative solutions and fosters public-private partnerships involved in the financing, design, development, and management of affordable housing communities across the state. Their contributions have laid a vital foundation for our ongoing efforts to serve Texas families and communities.

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Beyond the Rent:

FRAMING PUBLIC BENEFITS OF AFFORDABLE HOUSING

By Elaine Acker for Texas Affiliation of Affordable Housing Providers

ousing is about more than shelter. When people have a safe and affordable place to live, they gain the ability to plan for the future. Children can stay in the same school. Employees can show up for work. Families can make decisions from a place of stability instead of constant disruption. But when policymakers evaluate affordable housing, the definition of the public benefit is often too narrow. The conversation tends to focus on rent reduction alone. And while lower rent is important, it is only one part of a much larger equation.

When there isn’t enough affordable housing available, people are pushed into unstable living situations, longer commutes, or homelessness. Those disruptions don’t stay isolated. They ripple through entire communities. “Without

affordable housing, you’re going to have to solve a homelessness issue,” says Darren Smith, managing partner of Auxano Development. “And it will be an issue that is created by not offering affordable housing.” At the same time, the gap between income and housing costs continues to widen. “Right now, in Tarrant County, the housing wage for an individual is over $26 an hour,” says Mary-Margaret Lemons, president of Fort Worth Housing Solutions. “Which means, if we’re not paying someone $26 an hour, they can’t afford a market-rate efficiency apartment in Fort Worth.” These pressures are driving increased reliance on tools like property tax exemptions to make affordable housing development possible. Tax exemptions do more than lower rent. They incentivize development to help increase housing supply and stabilize communities to support working families and drive economic activity in areas that would otherwise struggle to attract investment.

What’s Driving the Need? The challenge is straightforward. There is not enough housing being developed where it is needed most. Across Texas, the gap

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

between income and housing costs continues to grow, particularly for households earning 50 percent of the area median income or less. As population growth outpaces new development, supply continues to tighten for the most vulnerable families. This is not due to a lack of effort. It is the result of a system that has become increasingly difficult to navigate.

less than two miles apart, which bumps out a lot of developments, especially in big cities,” says Connolly. “Two miles in a city like Houston is enormous. There could be four or five neighborhoods within that two-mile space, and that really starts to impact our ability to create affordable housing in places that really need it.”

Financing is one of the biggest barriers to building safe, high quality, affordable housing. Development relies heavily on housing tax credits to generate equity, but the value of those credits has declined in recent years. At the same time, construction costs, interest rates, and insurance have increased, making all housing more expensive to build and finance.

Added local approvals for housing introduce additional variables, including timelines, public hearings, and resolutions of support. These steps, which only apply to affordable housing construction, create multiple points where a development can be delayed or stopped, even when there is clear demand.

Where affordable housing developments once required fewer funding sources, many now depend on numerous layers of financing, including tax credits, additional gap financing, and tax exemptions, just to reach feasibility. In some cases, developers are assembling a dozen or more sources for a single development. Each layer adds time, complexity, and uncertainty.

The result is a process that requires more coordination, more time, and more resources than ever before. As these barriers increase, so does the need for tools that can make affordable housing development possible.

Policy and process add another level of challenge. “At every stage, regulations shape where and how housing can be built,” says Amy Connolly, assistant director for planning at the City of Houston’s Housing and Community Development Department. “For example, the limitations of the stifling TwoMile Rule regulation alone can significantly limit our ability to develop housing in areas where it is clearly needed.” The Two-Mile Rule says you cannot fund two affordable housing developments that are located within two linear miles of each other in the same year. “The regulation literally won’t let you put two housing developments

A More Accurate View of Tax Exemptions To understand the full impact of tax exemptions, it is important to look at how value is returned to the community over time. “The question is, how much of the real estate taxes that you’re now abating for this development are actually coming back to the public?” says Smith. First, there are the direct benefits to residents. When housing costs are reduced, families have more flexibility to cover essential expenses like childcare, healthcare, education, and transportation. “I look at the rental savings over a 10-year time horizon,” Smith explains. “If you combine that with the fees earned by the municipality, you can return a significant portion of the estimated tax value back into the community.” Those fees are another important part of the equation. Many developments generate revenue through acquisition fees, lease fees, and compliance-related payments. In some cases, municipalities also receive payments in lieu of taxes (PILOT payments), along

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

If we’re not paying someone $26 an hour, they can’t afford a market-rate efficiency apartment in Fort Worth. Mary-Margaret Lemons President Ft. Worth Housing Solutions

with increased sales tax revenue tied to economic activity. There are also broader economic effects. Construction creates jobs. Property operations support ongoing employment. New developments contribute to local spending and, in some cases, help stabilize or increase surrounding property values. Taken together, these factors show that tax exemptions are not simply a reduction in revenue. They function as an investment that produces measurable returns over time for both residents and the broader community.

Limited Tools, Real Consequences While the need for quality affordable housing continues to grow, the number of tools available to address it remains limited. Housing credits are one of the most widely used resources to support affordable housing development. But they are finite and highly competitive, with rules that limit how many developments can be approved in a given area, regardless of demand. As a result, there is often a gap between what communities need and what existing programs can deliver. When those limits are reached, local governments have few options. Local governments are ground zero when it comes to grappling with the high demand for housing which is in short supply within their jurisdictions. They can pursue voter-approved bonds, which require time and public approval, or they can rely on tools like property tax exemptions to help incentivize quality, financially viable development. In this context, tax exemptions are not a secondary incentive. They are one of the only remaining tools available to move affordable housing developments forward. Without them, this

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

critical housing supply would simply never be built. On its own, the housing market does not provide new supply for this segment of demand. At the same time, the environment in which affordable housing is developed has become more challenging. Rising costs, particularly property taxes and insurance, continue to push development expenses higher. “We used to underwrite real estate taxes at $300 to $350 per unit,” says Smith. “Now we’re underwriting closer to $1,800 a unit. Insurance has followed a similar trend.” These cost pressures make it increasingly difficult to deliver sufficient new affordable housing supply without additional support. But recent legislative efforts have begun to narrow the use of tax exemptions in response to earlier abuses of some programs. In certain cases, developments received tax exemptions without creating additional affordability, prompting lawmakers to implement reforms such as HB 2071, and more recently HB 21. While these changes were intended to improve accountability, they have also created a broader push to further restrict or even eliminate the use of tax exemptions for affordable housing all together. The most important consideration for legislation which intends to correct past abuses is that their solutions be limited specifically to the identified problem. Some aspects of recent reforms have well exceeded that objective by enacting exhaustive program reforms that have led to reduced overall investment in affordable developments. In the case of HB 21, the Texas Legislature closed a damaging loophole that allowed housing finance corporations to

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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

make decisions about local affordable housing developments outside their jurisdictions. But the bill prompted costly legal disputes and has undercut lenders, developers and government underwriters, who have halted deals or withdrawn access to critical funding for affordable housing in Texas. The risk is that efforts to address past misuse may unintentionally limit the effectiveness of one of the few tools still available to support affordable housing development. “To eliminate the program in itself is a bad move,” Smith says. “It’s going to reduce the supply of workforce housing dramatically.” Local policies can also create unintended barriers. In some cases, zoning changes or development requirements make it more difficult to build affordable housing, even when commercial land has been made available. Requirements related to building height, amenities, or fees can increase costs to the point where development is no longer feasible. The result is a system where the need for affordable housing is widely recognized, but the ability to deliver it is becoming more constrained. When one of the few remaining tools is restricted - or evaluated too narrowly - the gap between need and delivery grows even wider.

Study TAX INCENTIVES LAY THE FOUNDATION FOR HOUSING GROWTH Helps Municipalities Facilitate Growth and Drive Value Improves Supply & Demand Balance

A More Complete Understanding

Creates New Affordable Housing

The need for affordable housing is not new. But the decisions surrounding it carry increasing consequences. Affordable housing supports the workforce, strengthens communities, and creates the conditions for long-term economic stability. Through tools like tax exemptions, it also returns significant measurable value to the community over time.

Drives Additional Private Sector Investment in Community

At the same time, the tools available to meet this need are limited. Housing credits remain a critical resource, but they are not sufficient to meet demand on their own. As development becomes more complex and more expensive, additional tools are required to make new developments financially feasible. Tax exemptions are one of those tools. When they are used effectively, they help close the gap between what communities need and what the market alone can deliver. Whereas state laws are creating barriers to their use and effectiveness, local governments should ultimately be the ones determining the value of those investments since exemptions are sourced from their tax base. The connection is clear. When communities are unable to offer stable housing, the effects do not disappear. They show up in workforce shortages, reduced economic activity, and growing strain on local services and infrastructure. A more complete understanding of public benefit leads to better decisions that reflect not just immediate costs, but the long-term stability of the communities those policies are meant to support.

Municipalities are earning more in taxes paid for every dollar of tax abatement given

Case Study SAN ANTONIO Type: Public Facility Corporation (PFC) Avg # of Buildings Utilizing PFC: 217 Avg % of Affordable Housing Units in Buildings Utilizing Program: 80.7% Annual Tax Benefit for Every Dollar of Tax Exemption: $2.24

Download Report

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GOVERNMENT & LEGISLATIVE AFFAIRS COMMITTEE CHAIR MESSAGE

ffordable housing does not happen because the market suddenly decides it should. It happens because dedicated professionals work together to create the policies, partnerships, and financing structures that make housing developments possible. Every affordable housing community built in Texas is the result of collaboration among a network of partners committed to meeting one of our state’s most pressing needs. As we gather for this year’s annual conference, our theme, Framing the Future of Affordable Housing, could not be more timely. Texas continues to experience population growth, rising housing costs, and increasing demand for affordable housing opportunities. At the same time, the environment for producing new affordable housing has become increasingly challenging.

Kathryn Saar 2025-2026 Government & Legislative Affairs Committee Chair

For decades, the Housing Tax Credit program has served as the foundation of affordable housing production in Texas. It remains the most effective tool available for creating high-quality affordable housing at scale. However, its success depends on stable policies, predictable regulations, and effective financing tools that allow developments to move from concept to construction and ultimately become homes for Texas families. Advancing the policies that make affordable housing development possible is one of TAAHP’s most important responsibilities. Effective advocacy depends on the collective expertise of TAAHP’s members and their willingness to share real-world experiences with policymakers. Through TAAHP’s new Legislative Ambassadors Program, members of our GALA and FLAG committees build and maintain relationships with every member of the Texas House and Senate, helping ensure that housing policy decisions are grounded in practical realities rather than theory alone. As we prepare for the 90th Texas Legislative Session, TAAHP’s Government & Legislative Affairs (GALA) Committee is focused on advancing policies that strengthen the affordable housing development pipeline and preserve the tools our industry depends upon. In the coming year, our legislative agenda will center on three key priorities. First, we will advocate for increasing the per-development cap on 9% Housing Tax Credit transactions. Existing limits no longer reflect today’s construction and financing realities, and adjustments are necessary to ensure developments remain financially viable. Second, we will pursue standardization of the ad valorem tax appraisal process used for affordable housing developments. Greater consistency and predictability in property tax appraisals will improve operational certainty and support long-term asset stability. Third, we will work to protect the property tax exemption tools that support qualifying affordable housing transactions. These exemptions are a critical component of the financing structure for many affordable housing developments and help ensure that affordable housing continues to come online in communities across the state. Taken together, these priorities address three fundamental questions facing affordable housing development in Texas: how projects are financed, how they are valued, and whether the tools that make affordability possible remain available. The policy decisions made during the next several years will have a lasting impact on whether Texas continues to lead the nation in affordable housing production or faces a slowdown in development at a time when demand continues to grow. TAAHP’s strength has always been its ability to bring together stakeholders from across the affordable housing ecosystem to identify solutions and advocate for meaningful change. On behalf of GALA, thank you for your engagement, your expertise, and your continued commitment to this work. Together, we can help ensure that Texas continues to lead the nation in creating the housing opportunities that strengthen families, support communities, and drive economic growth across our state.

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Thank You

THANK YOU THANK YOU THANK YOU Government & Legislative Affairs

COMMITTEE THANK YOU THANKMEMBERS YOU THANK YOU 2025 - 2026

Chair

THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU Kathryn Saar

Ulysses Development Group

Emily Abeln Brinshore Development

Chris Akbari ITEX

Terri Anderson Anderson Development & Construction

Meghan Cano CHR Partners

Zach Cavender Pennrose, LLC

Khayree Ducket Woda Cooper Companies

Ellie Fanning

Portfolio Resident Services

THANK YOU THANK YOU THANK YOU Blake Hopkins Lincoln Avenue Communities

Nathan Kelley

Jean Latsha

Blazer

Pedcor Investments

Joel Pollack

Streamline Advisory Partners

Janine Sisak

Darren Smith

DMA Development Company

Auxano Development

Nick Walsh The NRP Group

THANK YOU THANK YOU THANK YOU TAAHP PAC TRUSTEES THANK YOU THANK YOU THANK YOU 2025 - 2026

Chair

Vice Chair

Secretary

Treasurer

THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU Nathan Kelley Blazer

Chris Akbari ITEX

Kathryn Saar

Ulysses Development Group

Roger Arriaga TAAHP

Terri Anderson

Anderson Development & Construction

THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU Ellie Fanning

Portfolio Resident Services

Joshua Gold Nixon Peabody

Shannon Hunter Coats Rose, P.C.

Joel Pollack

Streamline Advisory Partners

Nick Walsh The NRP Group

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90th LEGISLATIVE SESSION One that Demands Focus TAAHP’s Three-Priority Agenda By Whitney Parra

omewhere in Texas tonight, hundreds of thousands of families are going to sleep in a home they could not otherwise afford: a line cook in Houston, a teacher in Lubbock raising two children, a retiree in Tyler whose Social Security check would not cover a market-rate one-bedroom. They are housed because Texas has spent close to ninety years building one of the largest affordable housing systems in the country. None of it came easily. After Congress passed the United States Housing Act in 1937, a freshman congressman from the Texas Hill Country, Lyndon B. Johnson, set out to claim a place for Austin in the new program over loud resistance from real estate interests who called it government overreach. Sixteen months later, in what is now recognized as the first Housing Authority development in the country, the Santa Rita Courts opened. Texas families have been served by this development ever since.

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In the years since, what began as a single tool has grown into many because the need kept outgrowing what any one program could handle alone. Public housing authorities came first, chartered in 1937. Over 60 years later, Housing Finance Corporations (HFC’s) followed in 1979, bringing tax-exempt bond financing as a tool for local governments to meet their unique demands. The federal Housing Credit arrived in 1986, turning forty as the 90th Legislature convenes. A more recent tool, Public Facility Corporations (PFC’s) had already existed but in 2015 Texas opened them to multifamily affordable housing. Each was built to do something the others could not, and each came paired with a tax exemption or bond authority calibrated to make the financing add up. None of these instruments stand alone as single solutions. Each is load-bearing and removing any one of them would shift the weight onto the rest. Statewide, since 1986 the Housing Credit has developed or preserved 375,821 homes and served 875,663

low-income households across Texas. Its reach extends well beyond the units themselves, supporting 644,213 jobs for a year and generating $26.4 billion in tax revenue. Texas also stretches each housing dollar further than its peers. In April 2025, the RAND Center on Housing and Homelessness compared housing credit production across California, Colorado, and Texas and found Texas the most efficient by a wide margin. California’s publicly subsidized affordable housing runs more than four times the average cost in Texas per square foot, and California developments take roughly forty-nine months to reach completion, compared with twenty-seven in Texas. That outcome was not luck. It was the compounding return on predictability: four decades of Housing Credit production rested on the half-century of institutional infrastructure laid before it. The model works because the rules have held, the partners have stayed, and the providers have learned the work. What took nearly ninety years to assemble, the 90th Legislature now holds in its hands. Texas has already proven it can build affordable housing. What it cannot afford is to undo the programs that make it possible.

Why the 90th Demands Focus For most of the program’s history, the federal and state frameworks moved slowly. The 90th legislative session convenes amid a shifting landscape, driven by three forces moving simultaneously across every layer of the industry. The federal side has delivered the largest expansion of the Housing Credit in four decades. On July 4, 2025, the One Big Beautiful Bill Act made permanent a 12 percent increase in 9 Percent per capita allocation authority, lifting Texas’s authority to roughly $108.3 million in 2026. It also permanently lowered the private activity bond financing threshold from 50 percent to 25 percent, freeing bond volume for substantially more 4 Percent transactions. Alongside that expansion is a set of federal rule changes reshaping who can live in subsidized housing and how properties get built. Since late 2025, HUD has extended immigration verification to programs that did not previously carry it. A proposed rule would recalculate prorated rental assistance for mixed-status families, affecting roughly 4,500 Texas households directly and adding documentation requirements for another 246,720. Other rules would add work requirements, time limits, and Build America, Buy America procurement requirements. Each change lands somewhere in the Texas delivery system, and the industry’s task is to stay compliant as the rules develop. The state side is moving through a mechanism the industry has not navigated before. The Texas Regulatory Efficiency Office (TREO), created by SB 14 in 2025 and housed inside the Governor’s Office, released its draft Regulatory Efficiency Review of TDHCA on April 27, 2026. TREO examined 414 rules and issued 74 recommendation items. TAAHP submitted comments on the

43 recommendations carrying the greatest impact. Those recommendations can route through standard TDHCA rulemaking or through legislation filed under TREO’s authority, which gives the process meaningful weight heading into the 90th session. None of these forces is unprecedented alone. What is new is the simultaneity. Providers are adjusting deal structures, retraining compliance staff, modeling federal scenarios, and tracking a rules review that may become legislation.

Setting TAAHP’s 90th Legislative Agenda A broad agenda has long been TAAHP’s way of advancing legislative work. In the 89th Session, SB 2137 was the only one of six TAAHP-supported priorities to make it to the Governor’s desk. The remaining bills each made reached differing degrees of progress. Two of them demonstrated significant support but simply failed for lack of time. One of these, the per-development cap bill, which would increase the development cap for tax credit deals from $2 million to $3 million, fell minutes short of the calendar with a bipartisan, bicameral coalition intact. Another TAAHP bill that showed similar progress would provide a consistent methodology for establishing the Capitalization Rate, which ultimately impacts the taxable value of affordable housing properties. Those near successes are shaping a different approach for the 90th Legislature. In March 2026, the TAAHP Government Affairs Committee adopted a focused, narrower agenda, six months earlier than in prior years, giving TAAHP the runway to advance the priorities through the interim. The result is a targeted three-priority agenda, structured to maximize the 140-day session so all 181 legislators can thoroughly engage with complex housing policy. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

award that financed roughly 123 apartments in 2022 now reaches only about 79, and more than half of current applications are already sized against the ceiling. In many cases, developers are not choosing to stop at $2 million but the cap forces them to. Smaller developments forfeit economies of scale. Fixed costs such as legal, engineering, and site work do not shrink when a development does, so spreading them across fewer apartments raises the cost of every unit. A 2018 review of 2,500 housing credit developments found that each additional unit lowered total cost by roughly $3,000, and that developments of 101 to 200 units were the most cost-efficient.

Priority: Increase Per Development Cap for 9% Housing Credit Applications Raise the 9% Housing Credit per-development cap from $2 million to $3 million so TDHCA can deploy its record federal allocation more effectively. The per-development cap is the maximum amount of 9% Housing Credit authority TDHCA may award to a single development. Because the credit is the primary equity source in a 9% deal, the cap affects how many homes a winning application can finance. It does not decide which application wins, replace the QAP, or require TDHCA to award the maximum. It sets the outer boundary of what TDHCA may approve after a development has competed, been underwritten, and demonstrated need. The reason for this needed statutory change is that the $2 million boundary no longer reflects the market it governs. Since the current cap was set in 2011, Texas has added seven million residents, inflation has increased by 43 percent, and multifamily construction costs have risen by 69 percent. Further, Congress has approved the largest federal expansion of the Housing Credit in forty years, raising Texas’ 2026 credit authority to $108.3 million, up from $93.9 million in 2025 and $81.6 million in 2020. The federal pool has grown, but the limit governing its use has not. TDHCA’s history shows why a higher cap should not be mistaken for an automatic award. Although Texas allowed up to $2 million beginning in 2011, TDHCA held awards to $1.5 million for roughly a decade and moved to the full $2 million only when pandemic-era inflation made the increase necessary in 2021. Raising the ceiling to $3 million would preserve that discretion and cost the state no general revenue, letting TDHCA deploy its federal authority more efficiently. The current cap is already constraining production. Between 2020 and 2026, the average federal credit required to build a low-income unit rose from $16,738 to $27,798. A maximum 46

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The constraint is changing behavior among the state’s most experienced builders. Bobby Bowling, a longtime El Paso developer in the 9 Percent program, has stopped applying because the cap pushes him toward developments of fifty units or fewer, a size he considers unsound. He supports raising the ceiling even though larger awards would mean fewer developments overall, because a higher cap rewards the strongest applications: “The best will still get awarded, the cream will rise to the top, and we’ll have to compete harder.” The Legislature has already endorsed this logic. In 2023, HB 4550 doubled the portfolio credit a developer may hold, from $3 million to $6 million, yet left the per-development cap untouched, so a developer may control $6 million but cannot concentrate it a larger development that provides the most housing. This statutory correction came within minutes of being adopted last session, when SB 898 and HB 1865 cleared the Senate unanimously and reached the House floor only as the midnight deadline expired. The 90th Legislature can finish that work and let TDHCA stretch its record allocation as far as the market will bear. If not, the agency must keep governing a 2026 market with a cap built for 2011.

Priority: Appraisal Reform Reform how Texas appraises stabilized Housing Credit properties so their value rests on restricted-housing data and consistent assumptions Many policy makers assume that housing credit properties are tax exempt. This is generally not the case. Established under one of the longest running public/private partnerships in American history, most developments in the program pay property taxes while also providing the critically needed service of affordable housing to families whose incomes are severely strained. Property taxes are among the largest costs a housing credit development carries, and an unbudgeted increase can be the difference between a property that meets its mortgage and one that defaults. Unlike their market rate counterparts, housing credit property owners cannot adjust rents to accommodate significant changes in cost. The trouble is that a housing credit

property does not operate like market-rate housing, yet Texas appraisal districts too often appraise them as if they did. That approach ignores the one constraint that defines a rent-restricted property: a market-rate owner can raise rents to absorb a higher tax bill, but a rent-restricted owner cannot. The rents that generate its revenue are capped by law even as the taxes assessed against it rise with every appraisal. That squeeze runs through a single number, the Capitalization Rate, or Cap Rate. State law already makes the capitalization rate the lever by which a property’s taxable value is established. Appraisal districts set a property’s value by dividing its net operating income by that rate. So a lower rate yields a higher value — and a higher tax bill — from the same income. Section 11.1825(r) requires every Central Appraisal District (CAD) to post by January 31 the cap rate it will use to value low-income housing that year, yet it leaves each district to set that rate on its own. The result is a patchwork of approaches: a housing credit development in Travis County may be appraised at a 6 percent cap rate while a comparable property in Nueces County is valued at 10 percent. Some variation is to be expected, but nothing in the buildings themselves explains a gap that wide — the difference is simply the math each district chooses.

And that discretion compounds over time. A single district can lower the cap rate on a 100-unit development from 8 percent to 5 percent over the span of four years even though nothing about the building, its tenants, or its restrictions has changed. Yes, this change can result in the property’s cash flow swinging from a $47,543 surplus to a $17,229 shortfall. The swing is not hypothetical. In 2025, an operator with eighteen housing credit properties said he protests roughly ninety percent of them every year. One property his district had settled at a $5.65 million valuation returned the next year at a proposed $18.4 million, more than triple, before the protest even begun. The funds used for the legal costs of protests across the state would be much better used in maintaining the properties at high standards. None of this is for lack of trying. Texas has worked toward this fix for nearly thirty years: lawmakers required districts to weigh rent restrictions in 1997, mandated the income method and annual cap-rate posting in 2003, and in 2021 passed HB 3383, which tied properties still in construction or lease-up to TDHCA’s approved underwriting — fixing the front-end while leaving stabilized properties untouched.

The Need for Appraisal Reform: The Impact of Falling Cap Rates on Affordable Housing Cash Flow A lower cap rate can raise appraised value and property taxes even when the building, rents, tenants, and restrictions do not change.

$365,000

+$47,543 (NOI)

$250,000 +$33,457 (NOI)

$345,000

$199,819 $165,032

$140,166

$325,000

$200,000

$150,000

+$13,108 (NOI)

$121,500

$100,000 Shortfall

$305,000

$50,000 –$17,229 (NOI)

$285,000 Cap Rate

Year 1

Year 2

Year 3

Year 4

Net Income After Property Tax Property Tax

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Debt Service (Fixed)

TAAHP promoted HB 4478 in the 89th Legislature. This bill set out to provide a consistent method by which to establish the cap rate , and its strength lay in the alliance behind it. TAAHP and the Texas Association of Appraisal Districts (TAAD) drafted it together because both sides wanted the same thing: an end to relitigating cap rates every year, help for smaller districts that lack housing credit expertise, and a single statewide method drawn from TDHCA data. The bill passed out of Ways and Means unanimously, but languished in the Calendars Committee when the House ran out of time. That leaves the work to the 90th Legislature, which should finish the redesign in statute and extend it across the full appraisal chain — cap rates, expense and vacancy assumptions, sales data, disclosure, and audit alignment. Guidance alone cannot hold a system that is run county by county yet audited under state rules; only a binding standard can. Written into law, that standard gives every district the same place to start. What is at stake is the housing itself. A valuation built on income a property cannot legally earn can push a sound development toward foreclosure, taking with it the affordability

that justified the public investment. Accurate valuation is neither special treatment nor a tax break for these tax paying properties. Getting that one number right is how Texas protects the housing it has already built.

Priority: Preserve Tax Exemptions for Affordable Housing Preserve PFCs, HFCs, and housing authority tax exemptions that make affordable housing feasible and make reform clear, prospective, and financeable. A tax exemption is a public asset placed in local hands, and using it well carries a duty that runs two ways: to put it to work on housing that would not otherwise be built, and to govern it so the public can see the return. Structured well, Public Facility Corportations (PFCs), Housing Financing Corporations (HFCs), and Public Housing Authorities (PHAs) preserve older properties, finance new construction, attach long-term affordability, and draw private capital into developments in ways that conventional terms cannot. Their value is what the public receives: quality properties with reduced rents, the number of residents served, long-term affordability periods, and the commitments secured.

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by piece and built to hold for decades, a structure like that takes a generation to put together and cannot be rebuilt once it comes apart, which is exactly why the rules around it should be changed with care, not rewritten after the fact.

By that measure, these tools earn their keep. An independent analysis for the National Multifamily Housing Council (NMHC) Research Foundation, from county assessor records, found every public dollar spent on a housing incentive returned more than it cost to provide it— $1.83 to $39.82 a year in new revenue. Even at the low end, taxpayers gain. In San Antonio, the Housing Trust’s PFC returned $2.24 for every dollar exempted while placing more than 8,500 units in service, four-fifths income-restricted. None of that puts every deal beyond question; it shows why the tool deserves careful governance rather than treatment as a loophole. Local governments deserve notice and consent when a property receives an exemption; taxpayers deserve a clear account of the benefit delivered; residents deserve affordability that is real and enforceable. The question for the 90th Legislature is not whether these tools should be accountable, but how to strengthen trust without making them too uncertain to finance. Trust is built in the open, which is why TAAHP urges members to show the work: bring lawmakers in and walk through the financing — the rents, income limits, and reserves — and show what the exemption makes possible and what the property would be without it. The exemption is not the public benefit itself; it is the financing tool that produces it. What it produces is more intricate than it looks. Safe, high quality, affordable housing is not provided without public investment. Santa Rita Courts’ first phase brings together more than ten sources of capital— Housing Credit equity, a federal rental contract, bank debt, City of Austin loans, a long-term ground lease, and the housing authority exemption covering the site since 1939. Assembled piece 50

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That is the difference between the two recent reforms. In 2023, HB 2071 tightened PFC rules while grandfathering closed deals, strengthening accountability without reopening transactions approved under prior law. In 2025, HB 21 answered real concerns with HFCs, but its retroactive reach is already unsettling lawful, in-jurisdiction developments and creating significant concerns by lenders and investors, thereby severely limiting new developments. In Grand Prairie, the city used its HFC to shape a development around local priorities, including a rebuilt early childhood center it requested. The new law threatens its financing. The 90th Legislature can maintain local oversight for approving and using tax exemptions for affordable housing while eliminating barriers that make these developments harder to finance. Texas can demand transparency, local approval, and enforceable affordability without dismantling the structure communities rely on to build and preserve housing.

The Infrastructure for the 90th Legislature To more effectively work in the 90th Session, TAAHP has built two pieces of infrastructure the 89th Session lacked.

The Ambassadors The TAAHP Legislative Ambassadors Program, launched in May 2026, is a structured, year-round effort to build relationships between TAAHP members and every member of the Texas Legislature. Twenty-five ambassadors from our Government Affairs Committee (GALA) and Federal Legislative Affairs Group (FLAG) have been paired with all 181 legislators, giving each office a single point of contact from inside the industry — meeting with their offices and sharing what is happening in their districts.

The Action Center If the Ambassadors are how TAAHP covers the Capitol, the Action Center is how TAAHP puts every member into the work. The platform at taahp.quorum.us offers bill tracking, a legislator finder, and campaign tools that reach every legislator representing your offices and properties. Signing up is the single most useful thing you can do for the 90th. The work of the 90th does not belong to TAAHP alone. Texas built this system through a coalition wider than any single association, and the legislative work ahead will be the same.

RALLY DAY T E X A S A F F I L I AT I O N O F A F F O R D A B L E H O U S I N G P R O V I D E R S

Build Now. Build Strong. Build Texas. Our communities are stronger when everyone has a safe, stable place to call home. Join TAAHP members and housing advocates at Rally Day to urge Texas leaders to support policies that support the development of quality, affordable rental housing across the state.

Who Attends Legislators & Staff TAAHP Members Housing Advocates Public & Private Stakeholders

TBD

8am-5pm

$45* through Dec 31 $60 after 12/31

Texas Capitol Austin, TX

Registration Opens Fall 2026 *Membership rates; non-members affiliated with companies with membership seats are invited to attend at a higher rate.

Sponsorships Available Help underwrite this important event and showcase your organization to community leaders, housing professionals, and policymakers. Sign up online or email info@taahp.org.

Capitol Club - $5,000 Includes 6 tickets to event, logo on or with gift item to legislators, logo on event bags, opportunity to provide promotional gift in welcome packet for participants, formal recognition at TAAHP Reception / Mixer, logo and exclusive PPT slide during Pre-Rally Day legislative agenda webinar for TAAHP members, logo on event signage, and event marketing materials.

Lunch Sponsor - $2,500 Includes 4 tickets to event, logo on one lunch related item (ex: on boxed lunches, napkins, signage at serving table, etc.), formal recognition at TAAHP Reception / Mixer, logo and exclusive PPT slide during Pre-Rally Day legislative agenda webinar for TAAHP members, logo on event signage, and event marketing materials.

Breakfast or Coffee Sponsor - $1,750 Includes 2 tickets to event, logo on one breakfast or coffee related item, logo and exclusive PPT slide during Pre-Rally Day legislative agenda webinar for TAAHP members, logo on event signage, and event marketing materials.

Supporter Sponsor - $1,000 Includes 1 ticket to event, logo on event signage, and event marketing materials.

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Scan the QR code to enroll or visit CenterPointEnergy.com/EnergyEfficiency, to explore all incentives.

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Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Texas’ Next Affordable Housing Crisis

WATER

How Housing Providers Can Be Part of the Solution By Elaine Acker for Texas Affiliation of Affordable Housing Providers

or decades, the real value of water in Texas has been easy to overlook. We turn on the tap. Flush the toilet. Water the landscape. Pay the bill. But that story is changing. Across the state, water is becoming more expensive, less predictable, and harder to manage. What once sat quietly in the background is now showing up in operating costs, development timelines, and longterm planning decisions. “We’re in a deficit, and it’s not getting any better,” says Jonathan Campbell, landscape architect and vice president at Frisco-based Kimley-Horn. For affordable housing providers and policymakers, the shift is no longer theoretical. It is already impacting decisions on the ground.

A System Under Pressure Texas is facing a simple but serious imbalance. Demand is rising while supply is tightening and infrastructure is aging. According to the draft 2027 State Water Plan, Texas’ population is expected to grow by more than 50 percent by 2080, while existing water supplies are projected to decline by roughly 10 percent over the same period.

At the same time, much of the infrastructure Texans rely on is wearing out. Across the state, aging systems lose massive amounts of treated water every year before it ever reaches homes or businesses. And when supply tightens and systems strain, costs rise. Water rates are increasing across Texas. What was once a relatively small operating expense is becoming a meaningful and growing cost for property owners and residents alike. “Water is not just a sustainability issue. Water is really a financial lever now,” says Meg Maffitt, who holds a master’s degree in environmental sustainability and works with water management firm ION Water Solutions. In affordable housing, where margins are already thin, even modest increases matter.

Why This Hits Affordable Housing First

That gap is already creating real pressure:

Affordable housing operates on tight margins by design. That leaves little room for inefficiency or unexpected cost increases.

∙ Long-term supply gaps are measured in millions of acre-feet

According to data compiled by ION Water Solutions over more than a decade of multifamily water monitoring, as

∙ Communities are experiencing water shortages during drought conditions

∙ The cost of needed water projects is estimated at $174 billion

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)

With the population ballooning and businesses booming, it comes as no surprise that Texas will need a lot of water to stay afloat. But planning for Texas’ future water needs requires the dedication and resourcefulness of organizations and passionate individuals. Glenn Hegar, former Texas Comptroller Fiscal Note (September 2023)

much as 50 percent of the water paid for at properties may never actually be used. Instead, it is lost through leaks, unnoticed system failures, faulty fixtures, and inefficient irrigation. “No one wants to pay for something they didn’t use,” Maffitt says. For operators, that waste translates directly into higher operating costs. For residents, it contributes to rising utility expenses in communities that can least afford them. At the same time, Texas continues to grow rapidly. New housing is needed across the state, but rising infrastructure costs and water constraints are becoming another factor that can delay development or increase long-term operational risk. The stakes are no longer abstract. The draft State Water Plan warns that without new strategies, approximately one out of four Texans could have less than half the municipal water supplies they need during a severe drought by 2080.

Jonathan Campbell notes that one of the largest opportunities for improvement is happening outdoors. “Over 80 percent of potable water is put on irrigation,” he says. “Much of that water is wasted through over watering, broken sprinkler heads, disconnected rain sensors, outdated equipment, or systems that are simply not managed properly.” Leah Campbell, vice president at Kimley-Horn and a Texas licensed irrigator, says overwatering is a bigger issue than most people realize. “More plants die because of being overwatered than underwatered,” she says. Excessive watering can damage root systems and create disease conditions that are often more harmful than occasional underwatering. Replacing plants is expensive, too.

One of the Biggest Water Losses Is Happening Outside

The issue is not whether landscapes should be irrigated. The issue is whether they are irrigated intelligently. Modern irrigation systems can now monitor rainfall, soil moisture, weather conditions, and water flow in real time. Smart controllers can automatically adjust watering schedules based on actual environmental conditions instead of relying on static timers.

While water-saving conversations often focus on indoor fixtures such as low-flow toilets and automatic faucets,

But technology alone is not enough. Leah Campbell says many properties install sophisticated irrigation systems

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REALITY CHECK Texas’ population is expected to grow by more than 50% by 2080, while existing water supplies are projected to decline by roughly 10% over the same period. 2027 Texas State Water Plan

T E XA S WAT E R SU P P LY VS DE MAND PROJE CTIO N 2 0 30 - 2080 20

50 40

12 10

6 4

2 0 2030

2040

Supply

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2050

Demand

2060

2070

Population

2080

(In Millions)

POPULATION

WATER (ACRE-FEET)

that are never fully utilized because maintenance teams are not trained to manage them properly or key features are ignored. During irrigation audits, she has observed maintenance crews bypassing rain sensors or disabling flow monitoring systems because they are seen as inconvenient or difficult to manage. The result is thousands of gallons wasted without anyone realizing it. Indoor water losses can be even harder to detect because they happen quietly behind walls, inside fixtures, or inside units where residents may never realize a problem exists. Maffitt says even newly constructed properties can experience hidden leaks before residents ever move in. “You cannot manage what you can’t see, what you can’t understand,” she says. Real-time monitoring systems are increasingly helping operators identify leaks, unusual water flow, and maintenance issues before they become major expenses.

Water Systems Start Long Before the Tap It is easy to think about water only in terms of pipes, bills, and treatment plants. But water systems begin at the land level. “Historically, these landscapes functioned like a big sponge,” says Philip Boyd, vice president of science and research for the Dixon Water Foundation. “They absorbed rainfall, supported the water cycle, and helped recharge aquifers.” As Texas continues to urbanize, development patterns are changing how water moves across the land. More pavement and hard surfaces mean more runoff and less groundwater recharge. “You lose the vegetation that slows water down,” Boyd explains. “Rain hits harder, runoff increases, and you lose both water and soil.” For developers and policymakers, the message is increasingly clear: water challenges are not only about utilities and pipelines. They are also about land use, landscape design, and long-term planning decisions. “What happens on the surface still impacts water resources,” Boyd says. “How we manage land affects how water moves, how much is retained, and what ultimately reaches our aquifers.”

A Three-Part Path Forward for Affordable Housing Water challenges at this scale can feel overwhelming. But the path forward is more practical than many people

realize. For affordable housing providers and policymakers, progress starts with three focused areas. Get Visibility: You Can’t Fix What You Can’t See

Water loss is often invisible. Leaks can continue for weeks or months without detection, quietly driving up costs and wasting thousands of gallons. That is why measurement comes first. Real-time monitoring systems give operators the ability to identify problems early and respond quickly. Monitoring technologies help operators detect hidden indoor leaks, abnormal water usage, and maintenance issues before they quietly drive up costs. Smart irrigation technology can detect unusual water flow, monitor moisture levels, and automatically adjust watering schedules based on weather conditions. “Water is no longer just a single budget line item,” Maffitt says. “It’s a tool to help you throughout the life of your asset.” When operators can see where water is being used and wasted, they can begin managing it proactively instead of reactively. Build Smarter Systems: Align Technology, Maintenance, and Operations Effective water management is not simply about installing better technology. It is about ensuring systems are properly maintained and actually used the way they were designed.

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

That includes: ∙ Training maintenance teams to manage indoor and outdoor monitoring ∙ Using pressure-regulated irrigation systems ∙ Installing smart controllers and flow sensors

Texas Law

∙ Conducting regular irrigation audits ∙ Selecting drought-tolerant and native plant materials

NOW ENCOURAGES WATER CONSERVATION DURING DEVELOPMENT

∙ Reducing unnecessary turf

Effective September 1, 2025, an amendment to Chapter 395 of the Texas Local Government Code requires political subdivisions to provide credits against certain water and wastewater impact fees when developers incorporate eligible water conservation, reuse, or efficiency measures into a project.

The good news is many of these upgrades are not prohibitively expensive. “You can’t just look at install cost,” Campbell continues. “You have to look at return on investment.” Over time, smarter systems often reduce both water consumption and long-term operating expenses.

The law applies broadly to facilities, systems, and technologies that reduce water consumption, wastewater demand, or infrastructure requirements. It does not prescribe specific technologies or credit amounts. Instead, municipalities must establish their own procedures for reviewing, calculating, and awarding credits. For affordable housing developers, the change may create opportunities to offset a portion of infrastructure-related costs while incorporating long-term water management strategies into new projects. The legislation also signals a broader shift in how Texas is approaching water planning. As population growth, aging infrastructure, and recurring drought conditions place increasing pressure on water resources, policymakers are beginning to treat conservation as an infrastructure strategy rather than simply an environmental goal. Because implementation will occur at the local level, developers may benefit from engaging early with municipal officials to understand how credits will be evaluated and applied in their communities.

It also requires shifting away from outdated assumptions about landscaping. “People have traditionally expected to see green manicured lawns,” Jonathan Campbell says. “But that’s really not the responsible thing to do.”

Lead Beyond the Property: Help Shape the Future of Water Policy Affordable housing providers are uniquely positioned in this conversation because they see the issue from every angle. They see the costs, the infrastructure challenges, and the impact on residents. Their perspective matters. Developers and operators have an opportunity to help shape the next generation of water policy in Texas by: ∙ Sharing operational data with policymakers ∙ Supporting efficiency-focused funding programs ∙ Partnering with utilities on conservation initiatives ∙ Bringing real-world resident experiences into policy discussions The scale of the challenge is significant, but so is the opportunity to make meaningful progress. Texas cannot afford to treat water as an invisible utility anymore. The good news is that many of the tools already exist: smarter irrigation, better monitoring, more efficient landscapes, stronger maintenance practices, and better long-term planning. Affordable housing providers are in a position to help drive that change. And in a state where every gallon increasingly matters, affordable housing providers have an opportunity to help shape smarter, more sustainable development practices statewide.

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Water is now a powerful financial tool. Are you using it?

Brazos River Watershed: In 2026, ION Water and Meta partnered to conserve 26M gallons and cut water costs for affordable housing communities.

ION Water turns water conservation into a financial advantage multiplier.

ION’s End-to-End Water Management system delivers: Lower impact fees

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NOI uplift

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Making an impact Nixon Peabody proudly supports the Texas Affiliation of Affordable Housing Providers in their mission to increase the supply and quality of affordable housing for Texans.

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STRATEGIC DEVELOPER LOANS

PRE-DEVELOPMENT LOANS

Opening new paths to preserving and expanding the supply of affordable housing. Baypointe Apartment Homes (Webster, TX)

We’ve preserved more than 2,000 affordable homes across Texas since 2024

To learn more about partnering with April Housing, contact Brad Fisher, Senior Vice President, bfisher@aprilhousing.com www.aprilhousing.com

Through innovative financing and the dedication of its volunteer board, AGC reached a major milestone in the fall of 2022 with the opening of The Lady Bird, with the board’s long-term vision being fully realized in 2025 with the reopening of The Rebekah. A pioneering feature of the financing for this redevelopment was AGC’s decision to sell excess land surrounding The Rebekah to third-party developers, using the proceeds as gap funding for the construction of the Lady Bird and for the rehabilitation of The Rebekah.

The Rebekah Completes LBJ’s Vision of Affordable Housing The grand reopening of The Rebekah in Austin, Texas, October 22, 2025, was the continuation of Lyndon B. Johnson’s dream for affordable senior housing in a caring community. A 16-story, iconic structure overlooking Lady Bird Lake, The Rebekah was built in 1972 on the grounds of a decommissioned fish hatchery under the auspices of the Austin Geriatric Center (AGC), a nonprofit organization that acquired the land, built and now operates the development. Original financing was secured through HUD’s Section 236 mortgage insurance program. In 2011, as the existing HUD mortgage neared maturity, the board developed a master plan to create an urban village on the property, including rehabilitating and preserving The Rebekah as well as adding additional housing units and areas for amenities that are important to seniors. The Rebekah now offers 224 rent-restricted units for occupancy by seniors meeting income thresholds. It is part of RBJ Residences, which includes The Lady Bird, a low-rise building containing 279 additional apartment homes, the majority of which are rent-restricted, located at the base of the Rebekah. Both phases were partially financed through the Private Activity Bond program supplemented with 4 percent Housing Tax Credits. The Rebekah marks the culmination of a 14-year development effort that began with land entitlements, followed by the construction of The Lady Bird and the relocation of the residents of The Rebekah (formerly known as RJB Tower) to the Lady Bird, enabling the reconstruction of the Tower and its 224 additional rent-restricted units. The development team spent years navigating complex planning, zoning, engineering and community engagement processes required to implement the campus master plan. The predevelopment process took five years of sustained coordination and planning before the ground was first broken for the redevelopment of the 18-acre campus located adjacent to the Tower, which became known as The Hatchery. It was agreed from the beginning that The Lady Bird had to be completed first so the RJB Tower residents could relocate on-site with rents protected in the same prime location. HUD agreed to allow the 137 project-based Section 8 rental subsidies to be used for a temporary relocation of the Tower residents to The Lady Bird.

Together, The Rebekah and The Lady Bird make up central Texas’ largest senior housing community, with 503 apartments, more than 10,000 square feet of shared amenities, including a Sky Lounge, theater, art studio, food pantry and walking paths to park areas. The Rebekah offers services specifically chosen for low-income, older adults, including health and wellness education and screenings, financial planning, transportation services, food pantry access and regular social events to promote independence, encourage a sense of community and help residents age in place. It stands as a testament to the value of preserved housing.

Available services include: A On-site food pantry, open three days per week through a partnership with Central Texas Food Bank A Three full-time on-site service coordinators offering case management, benefits counseling, healthcare coordination and coordination with property management to maintain continued housing stability A Vaccines, health screenings, diagnostic testing, mental health care, education and quarterly events offered by community health workers and other healthcare professional A Close partnership with the University of Texas School of Nursing and its practicum instruction program places nursing students on-site to provide care to RBJ residents The Rebekah exemplifies the successful preservation and modernization of a legacy affordable senior housing asset while protecting long-term, deep affordability; enhancing resident quality of life through integrated services, amenities and sustainable financing; and creating a replicable preservation model in a highvalue urban location. BakerHostetler’s Affordable Housing lawyers are honored to have worked on The Rebekah. Our team provides guidance to clients nationwide in connection with financing and developing a wide range of projects. With knowledge of tax, financing, real estate, government policy, nonprofit organizations and regulatory oversight, we provide creative legal solutions for complex projects. To learn more about our Affordable Housing team, please contact: Cynthia Bast at cbast@bakerlaw.com.

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Our Lawyers are Housers BakerHostetler is proud to support the Texas Housing Conference. Our team of attorneys combine practical insight with technical know-how to help clients navigate the affordable housing industry with confidence. Contact Cynthia Bast at cbast@bakerlaw.com to see how we can help.

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Proud to be a silver sponsor of the 2026 Texas Housing Conference and member of TAAHP. Come visit us at booth #55!

Austin • Corpus Christi • Dallas • Houston • San Antonio Contact Todd Shell at Todd.Shell@cort.com or 713.927.3970 for additional information.

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BUILDING THRIVING COMMUNITIES, INSPIRED BY OUR PARTNER IN IMPACT:

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Recognizing extraordinary efforts

Through hard work, discipline, and collaboration toward a shared purpose, great heights are achieved. Wells Fargo salutes the Texas Affiliation of Affordable Housing Providers for its continued excellence and outstanding performance. © 2026 Wells Fargo & Company.

AFFORDABLE HOUSING

Access Your Opportunity Our experts create and preserve quality affordable and workforce housing on a platform with the most comprehensive set of solutions. WalkerDunlop.com/Affordable

Commercial Real Estate Finance and Advisory Services

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ConneCting people. providing solutions. investing in brighter futures. Since 1987, National Equity Fund has invested nearly $30 billion to help

finance approximately 275,000 homes in communities across the country.

LOW‑INCOME HOUSING TAX CREDITS have helped fund more than 3.7 million affordable homes. PRE‑DEVELOPMENT LENDING provides developers with funds to cover critical costs before construction closing.

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WORKFORCE HOUSING DEBT & EQUITY provides capital investments in new and existing housing to close the affordable housing gap for moderate-income individuals and families. PRESERVATION DEBT & EQUITY offers project financing to enable prospective and current partners to preserve existing affordable housing. AGENCY/FHA DEBT protects our investment partners through a broad range of permanent loan solutions. STATE TAX CREDITS advance affordable housing by providing essential equity and benefits for both developers and investors.

CONTACT: Jason Aldridge, Managing Director South Region jaldridge@nefinc.org | 972-741-5150

National Equity Fund, Inc. (NEF) is a leading non-profit, multi-family, affordable, real estate investment manager with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. A CORNERSTONE IN AFFORDABLE HOUSING SINCE 1987.

SPOTLIGHT

Affordable Housing

COMMUNITY Success Stories Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

SPOTLIGHT

Norman Commons Apartments

5712 Jackie Robinson St. Austin, TX

Photos by Norris Deajon

orman Commons is the result of a multi‑year vision involving multiple partners and funding sources. It began when the Austin Housing Finance Corporation (AHFC) purchased surplus land from the Austin Independent School District in 2018 and solicited a developer partner for the site in 2021. Two local nonprofits were selected: Foundation Communities was chosen to develop a services‑rich, family‑oriented 4% affordable rental community, while a separate nonprofit will build 32 affordable ownership homes on the adjacent portion. AHFC serves as ground lessor, general partner, and lender for Norman Commons.

Construction began in January 2024, and the first residents moved in November 2025. Norman Commons benefits from its proximity to the rebuilt Norman Sims Elementary School, with a safe walking path to the school and a learning center serving residents and the wider community. The development also honors the local heritage of the East Austin Trail Riders with two large murals by local artist Toni Ardizzone and horse prints throughout the community.

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SPECIAL DESIGN FEATURES This property highlights multiple elements of intentional design: Family-Friendly Design: Emphasizes multi-bedroom units, including Foundation Communities’ first new four-bedroom units, and family-friendly amenities such as the Learning Center, the free Healthy Food Pantry, playgrounds, a large courtyard with a picnic area, a sports court, free WiFi, and connection to the adjacent Norman Sims Elementary School. Local Art Celebrating Local Heritage: Two giant murals by Austin artist Toni Ardizzone, depicting members of the East Austin Trail Riders, adorn two onsite buildings in beautiful colors of blue, yellow, purple and red. The murals are part of Foundation Communities’ tradition to use artwork to beautify communities and connect them with the culture of their neighborhood.

PROPERTY & FINANCING DETAILS # of Units

156

Unit Mix

1, 2, 3 & 4 Bedroom

Area Median Income Served

30% to 60% AMI

16 units for individuals with mobility disabilities. Another five are for residents with vision or hearing disabilities. 16 units preference to families experiencing or at risk of homelessness.

FUNDING SOURCES ∙ $8.86 million via the Austin Housing Finance Corporation’s (AHFC) Rental Housing Development Assistance (RHDA) program – consisting of $436,331 from the 2022 General Obligation Bonds and more than $8.4 million in Project Connect funds. ∙ A $31.5 million tax-exempt bond issued by the Texas State Affordable Housing Corporation ∙ A $4.4 million construction loan and $14.8 million permanent loan from Wells Fargo ∙ $25.5 million in 4% housing tax credit equity ∙ $1.75 million from the Federal Home Loan Bank of Dallas ∙ $2.5 million in Capital Magnet Funds ∙ A $2 million sponsor loan from Foundation Communities

RESIDENT SPOTLIGHT MARLA NERIO AND SON MATTHEW Marla Nerio moved into Norman Commons with her 9-year-old son, Matthew. They had been living in subsidized housing through another nonprofit, but their time in that program was ending. She began searching for affordable options on her income from her primary job at a hotel front desk and a side job cleaning hotel rooms—income below 60% of the Area Median Income (AMI). “Not all the places that are cheaper are safe,” said Marla. “As a single mom, I have to be very responsible with my son to provide him a nice place.” Marla loves how quiet the neighborhood around Norman Commons is and says it’s close to her job and schools. Their two-bedroom apartment—and everything in it—is new, and they’re enjoying very low utility bills, free WiFi, and access to the Healthy Food Pantry. Her favorite part is having her own bedroom. Marla plans to look into enrolling Matthew in the onsite Learning Center this summer. She wants to share this message with other single parents struggling with housing: “First, organize your finances because that’s the best way you can feel that you have a secure place to live,” said Marla. “If I can do it, they can do it. Just have faith, because I know there are programs that can help people.” Not all the places that are cheaper are safe. As a single mom, I have to be very responsible with my son.

SPOTLIGHT

Norman Commons

Apartments AMENITIES ∙ Learning center

∙ Basketball court and picnic area ∙ Playground (including a natural playscape) ∙ Free WiFi ∙ Fitness center ∙ Laundry center ∙ Walk-in closets ∙ Washer/dryer connections ∙ Community kitchen

SUPPORTIVE SERVICES ∙ Learning center for after school and summer programs ∙ Healthy food pantry ∙ Free case management services through Foundation Communities Community Support Services (CSS) program ∙ Educational, financial and health-oriented classes for adults

CREDITS Developer

Foundation Communities

Architect / Design Firm

FGM Architects

Syndicator

Wells Fargo

Lenders

General Partner

FOR MORE INFORMATION

AHFC, Wells Fargo, Texas State Affordable Housing Corporation, Federal Home Loan Bank of Dallas, Capital Magnet Funds, Foundation Communities Austin Housing Finance Corporation

Norris Deajon, 512-771-2203 Deajon@foundcom.org Healthy Food Pantry On Site

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Norman Commons Austin, Texas

Cultivating communities that enrich human experiences.

Driving Developer Impact Our Affordable Housing Program helps developers finance the purchase, construction or rehabilitation of multifamily housing in the communities that need it most. Now’s a great time to plan ahead and our Community Investment team is here to help you. See fhlb.com/ahp, email ahp@fhlb.com or call 800.362.2944 for more information.

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ADVANCING

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HOUSING

For over 50 years, HilltopSecurities has helped HFCs make housing more aﬀordable in their communities. Our work in single- and multi-family transactions has earned us a strong reputation with agencies across the country. Find out how our experienced housing professionals can help your agency pursue its deﬁnition of success. 833.4HILLTOP HilltopSecurities.com For more information, contact:

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SPOTLIGHT

Avanti

Legacy Parkview 51 N W S Young Drive, Killeen, TX

Photos by Justin Borja, Tyra James, Leigh Riggs

vanti Legacy Parkview is a 108-unit affordable senior housing development in Killeen, Texas. Due to the proximity of Fort Hood, the community serves a high population of military veterans. The site, purchased from World Destiny Outreach Church, offers residents excellent access to religious facilities, a city park with walking trails, and a senior center. The project faced significant financial hurdles when the pandemic caused unforeseen spikes in material costs and interest rates, alongside a drop in tax credit pricing. To bridge the resulting funding gap, the City of Killeen intervened through its Public Facility Corporation. By joining as a replacement General Partner, the City enabled a full ad valorem property tax abatement. Since property taxes typically account for 35% of Texas operating costs, this move dramatically improved the project’s long-term feasibility. Additionally, the City provided a $1.7 million HOME loan at 0% interest with a 45-year term.

SPECIAL DESIGN FEATURES Madhouse Development created a commercial kitchen on the first floor of Avanti Legacy Parkview that is being leased for $1 a year to the Hill Country Community Action Association so that they can implement a meals program in Killeen. The kitchen facility has its own entrance and parking to accommodate their schedule and to facilitate their success. A program of this type does not currently exist in that community, and this initiative will provide over 100,000 meals a year including providing meals for our residents, but more importantly, to those families in Killeen who are struggling to survive.

In a unique effort to combat food insecurity—a chronic issue for Texas seniors—the development features a full commercial kitchen. Through a partnership with the Hill Country Community Action Association, this initiative will provide thousands of nutritious meals annually to residents and the surrounding community. This collaboration ensures Avanti Legacy Parkview is not just a place to live, but a vital hub for senior wellness.

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Onsite commercial kitchen provides a city wide meals program operated by Hill Country Community Action Asociation.

PROPERTY & FINANCING DETAILS # of Units

108

Unit Mix

1 & 2 Bedroom

Area Median Income Served

30% to 60% AMI + 8 Market Rate Units

Senior Housing

FUNDING SOURCES ∙ 9% Housing tax credit equity - 63% ∙ Commercial debt - 20%

RESIDENT SPOTLIGHT

∙ HOME funds - 7%

JUANITA WRIGHT

∙ Deferred developer fee invested - 10%

Ms. Juana Wright’s journey is one marked by resilience, service, and an unwavering commitment to family. Originally from Florida, she relocated to the Killeen area in 2007 to be closer to her daughter and military son-in-law. Over the years, she built a meaningful career as a case manager, dedicating herself to supporting families impacted by domestic violence and guiding them through some of life’s most difficult transitions. In 2021, her own life took a challenging turn when her husband suffered a debilitating stroke. As a result, Ms. Wright stepped away from her career and moved to Houston to become his full-time caregiver—navigating both emotional and financial strain as she adjusted to this new reality on a limited income. Model Unit

Returning to Killeen proved to be a pivotal decision. Through a trusted referral, Ms. Wright found Avanti Legacy Parkview Apartments (ALP)—a community she describes as a true “godsend.” Living at ALP has restored both stability and hope, allowing her to comfortably manage expenses on Social Security while continuing to care for her husband. The accessibility of her ADA unit supports his dignity and well-being during his time at home, while the property’s proximity to his assisted nursing facility ensures continuity of care. Equally important, Ms. Wright has reconnected with her support network—her church, her children, and longtime friends—reestablishing a sense of home and community that has brought renewed optimism for the future. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

SPOTLIGHT

Avanti Legacy Parkview AMENITIES ∙ Club and media room ∙ Business center with free WiFi access around clubhouse ∙ Pool and pavilion with BBQ areas ∙ Fitness center ∙ Laundry care center with dog wash ∙ Game room with billiards table ∙ Two elevators

CREDITS

∙ Energy-Star rated appliances and efficient light fixtures with LED lghts

Developer

Crimson Bulldog Development, Inc.

Architect / Design Firm

Northfield Design

Syndicator

RBC Capital Markets

∙ Washer and dryer connections in units ∙ Full perimeter fencing with controlled gate access

SUPPORTIVE SERVICES At Avanti Legacy Parkview, we are focused on health related activities that support both physical wellness (exercise programs, basic nutrition, medical screening) and mental enrichment (library access, arts and crafts, social outings).

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

Lender

Stellar Bank

Other

Hill Country Community Action Agency for Sponsoring the Meals Program

FOR MORE INFORMATION

Henry Flores contact@madhousedevelopment.net

Building Stronger Communities Together At Hillmann, we’re committed to advancing affordable housing initiatives that foster thriving communities. With decades of expertise, we help developers, investors, and affordable housing professionals navigate environmental, due diligence, energy, and construction challenges—ensuring safe, sustainable, and resilient housing for all.

Let’s Connect at the Conference to explore how we can support your projects or email info@hillmann.com.

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We are dedicated to building communities With a focused strategy of providing innovative financing solutions to the affordable housing industry, Deutsche Bank partners with local and national institutions and developers to build a brighter future. Jeffrey Baker Charles Seymour

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SPOTLIGHT

Four25

San Pedro Apartments 425 San Pedro, San Antonio, TX

Photos by Matthew Niemann, Beth Hudson

our25 San Pedro uses its walkable location to link affordable housing with reliable public transit, improving access to jobs, healthcare, and education while fostering support, connection, and independence. The City’s Urban Renewal Agency acquired a former tire shop along a busy transit corridor in 2022 with bond funding. The development faced state regulatory hurdles, neighborhood skepticism, and post‑COVID market turbulence. Its funding combines City bond dollars, federal tax credits, Opportunity Home project‑based vouchers, institutional investment, and a San Antonio Housing Trust property tax exemption. Following community input favoring family‑centered supportive housing, Four25 provides 80 apartments affordable to households at or below 60% of area median income, including 25 permanent supportive units for families transitioning out of homelessness, with on‑site wraparound services from SAMMinistries. Developed by the City of San Antonio, Franklin Development, the San Antonio Housing Trust, and SAMMinistries, Four25 sits just north of downtown along VIA Metropolitan Transit’s future Green Line rapid route.

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SPECIAL DESIGN FEATURES The building layout prioritizes 24-hour security for residents in an urban area, with secure-access onsite parking visible to the street through a trellis enclosure. Its San Pedro Avenue façade reflects the downtown address while the courtyard side mirrors the local historic neighborhood. Units feature efficient floor plans, generous windows, balconies, full kitchens, and ensuite washer/ dryers, with balcony access providing secure outdoor space. Two private recreational areas off the second floor serve different uses—one for active movement and play, the other for raised-bed gardening and quiet activity— while two community rooms are comfortably outfitted for small groups. A fitness area offers 24-hour access and large-window views. Developed landscaping around the building perimeter creates a visual buffer zone, and on-site bike storage is available.

PROPERTY & FINANCING DETAILS # of Units

Unit Mix

2 & 3 Bedroom

Area Median Income Served

At or Below 60% AMI

25 Permanent Supportive Housing (PSH) Units reserved for families transitioning out of homelessness

FUNDING SOURCES

RESIDENT SPOTLIGHT

∙ 9% Housing tax credits

PAT DAVIS

∙ City of San Antonio 2017–2022 Neighborhood Improvements Bond — $8.5M

“I raised my family on the South Side of Chicago, and it was tough for my two sons, growing up as young black men,” retiree and Four25 resident Pat Davis shared about the city’s gritty urban core. Alongside raising a family, she worked as a bus driver in Chicago. Through her son’s Navy service, she and other family members relocated to San Antonio, where she had previously worked as a security guard and lived in City housing for six years.

∙ Opportunity Home San Antonio Project-Based Vouchers (25 PBVs) — backed a $3.2M mortgage ∙ San Antonio Housing Trust Foundation loan — $1M ∙ San Antonio Housing Trust PFC property tax exemption ∙ USAA tax credit investment (equity investor)

AMENITIES ∙ Secure 24-hour access

Ms. Davis highlights several improvements since moving to Four25 San Pedro. Her new, more spacious apartment with a full kitchen and in-unit laundry has greatly improved her quality of life. Living with multiple disabilities, she also values the building’s added privacy, easy access to the outdoors, and reliable elevators at both ends. She appreciates the genuine sense of community — “The management here knows me by name.” When asked if her stress level is lower at her new home, Ms. Davis replied emphatically, “Oh, yeah!”

∙ Onsite resident parking and bike storage ∙ Transit stop adjacent to entry ∙ Two private exterior recreation spaces ∙ Shared raised garden beds ∙ In-room washer/dryers ∙ 2 community rooms ∙ Onsite mail room ∙ Children’s playscape ∙ Dog park

SUPPORTIVE SERVICES ∙ On-site case management ∙ Resident food pantry ∙ Physical and mental health resources and referrals

CREDITS Developer

Franklin Development

Architect / Design Firm

Alamo Architects

Other

StudioSix5 Interior Design, JCB Contractors Supportive Services Provider, SAMMinistries, Opportunity Home San Antonio Land/Ownership Entity, San Antonio Housing Trust Public Facility Corp. (PFC)

FOR MORE INFORMATION

Gary Cooper, 210-441-8743 gary.cooper@sanantonio.gov

∙ Employment assistance ∙ Education enrollment support ∙ Life stabilization coaching ∙ Partnership with opportunity home San Antonio for PSH households ∙ Social services resource on-site ∙ Police substation on ground floor

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ONE MISSISSIPPI San Diego, CA

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With NRP, Success Starts Well Before Construction Does OUR 3RD-PARTY PARTNERSHIP WILL HELP YOU CLOSE DEALS With over 30 years of construction expertise, NRP helps clients navigate pre-construction and close more deals than ever before. As an owner and general contractor, we’ve taken what we’ve learned from each experience to help you close deals and set the table for our best-in-class construction execution.

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SPOTLIGHT

Thrive on Crawford 1310 Crawford Street, Fort Worth, TX

Photos by The NRP Group

hrive on Crawford is a 67-unit affordable multifamily community near downtown Fort Worth, built to meet the growing need for stable housing that promotes residents’ overall well‑being. Developed through a unique public-private partnership between NRP and John Peter Smith Hospital (JPS), Tarrant County’s taxing hospital district, the community is among the first in the state intentionally designed to bring housing and healthcare closer together. By pairing quality affordable homes with connections to services, Thrive on Crawford helps residents build stability while also supporting JPS’s broader mission. In addition to the residential component, the development includes ground-floor retail space planned for JPS use, further strengthening the on-site “health and housing” model. The property offers state-of-the-art amenities such as a community center, fitness center, business center, chil-

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

dren’s center, playground, and BBQ pits that encourage connection and healthy routines. Apartment interiors feature granite countertops, fully equipped kitchens, LED fixtures, walk-in closets, and other modern finishes. Wraparound resident services—such as after-school programming, financial literacy support, ESL classes, and a first-time homebuyer program—helps families thrive long after move-in.

PROPERTY & FINANCING DETAILS # of Units

Unit Mix

1, 2 & 3 Bedroom

Area Median Income Served

30% to 60% AMI + 8 Market Rate Units

FUNDING SOURCES ∙ 9% Housing tax credits ∙ National Housing Trust funds ∙ Near Southside TIF funding

AMENITIES

MS. DEBBIE

∙ Resident clubhouse with equipped kitchen ∙ Co-working space with WiFi ∙ Picnic areas with barbecue grills ∙ Fitness center ∙ Playground and children’s activity center ∙ On-site clothes care center ∙ 2,200 SF of commercial space ∙ First-floor walk-up units ∙ Elevator-serviced building

SUPPORTIVE SERVICES ∙ After school programming ∙ Financial literacy classes ∙ English as a second language (ESL) classes ∙ First-time homebuyer program

CREDITS Developer Architect / Design Firm Lenders

Syndicator FOR MORE INFORMATION

RESIDENT SPOTLIGHT

The NRP Group & Tarrant County Hospital District (a subsidiary of JPS Hospital) Co-Developers: Wynne Jackson, Servitas

Womack + Hampton Architects, LLC J.P. Morgan Chase Bank, Berkadia Red Stone Equity Partners

Max Whipple mwhipple@nrpgroup.com

After more than 25 years as a nurse, Ms. Debbie never expected to worry about where she’d live. A lifelong Texan, she spent over a decade caring for her mother through Alzheimer’s. After her mother’s death and with her sister preparing to move out of state, she needed a place of her own. When strokes and heart attacks forced her on disability, her income changed overnight and safe, stable housing became harder to find. One night around 3:00 a.m., while searching online for income‑based apartments, she found Thrive on Crawford and applied immediately. Since moving in, the community has restored stability and peace of mind: rent she can afford, a quiet and safe home, and the ability to cover essentials like utilities, insurance, and groceries, plus small joys like time on the balcony she loves. She praises the onsite team for their patience and respect—answering questions, guiding her through the process, and placing her near the elevator to accommodate her health needs. Today she says she doesn’t feel like “just a tenant”—she feels like family. To future residents, her message is simple: “Please don’t give up.” She recalls how discouraging the search can be and urges people to keep looking, asking questions, and applying because the right home can change everything. To industry professionals who finance, design, build, and operate affordable housing, she offers thanks and a request: “Please continue building places like this.” Affordable housing, she says, is a lifeline for those who’ve worked hard but faced unexpected illness or loss, and it restores dignity and a safe place to call home. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

A Better Tomorrow Starts Today Our Community Development Banking team is proud to support vibrant neighborhoods like yours by helping increase affordability and access to housing. To learn more about Community Development Banking, please scan the QR code or contact: Annette Reschke annette.m.reschke@jpmorgan.com (312) 568-6298 Alec Butterfield alec.butterfield@jpmorgan.com (312) 732-4678 © 2026 Chase, J.P. Morgan, JPMorgan Chase, and Story by J.P.Morgan are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require).

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

For more than 40 years, we’ve worked toward one mission: to make home and community places of pride, power and belonging.

Enterprise and BWE are proud to sponsor the Texas Housing Conference. Reagan Maechling

Kevin Bowen

John Roberts

Managing Director, Acquisitions Enterprise Housing Credit Investments rmaechling@enterprisecommunity.com 213.787.8238

Executive Vice President BWE kevin.bowen@bwe.com 469.729.7681

Senior Vice President BWE john.roberts@bwe.com 469.729.7687

Philip Porter

Colleen Basil

Dwayne George

Senior Vice President and Head of Acquisitions Enterprise Housing Credit Investments pporter@enterprisecommunity.com 410.772.2594

Assistant Vice President BWE colleen.basil@bwe.com 469.729.7682

Mike Rossi

Bob Morton

Jim Gillespie

Director of RHS Programs BWE bob.morton@bwe.com 216.870.9935

Executive Vice President BWE jim.gillespie@bwe.com 646.829.1157

Managing Director, Acquisitions Enterprise Housing Credit Investments mrossi@enterprisecommunity.com 410.772.2522

Scott Greenfield Originations, Director Enterprise Real Estate Equity sgreenfield@enterprisecommunity.com 503.553.5641

Michael Furrow Senior Vice President, Affordable Housing Investment Sales BWEIS michael.furrow@bwe.com 979.330.5944

enterprisecommunity.org | bwe.com

Executive Vice President BWE dwayne.george@bwe.com 410.934.3608

WE HELP YOU BUILD BRIGHTER COMMUNITIES. Lument. Value beyond the deal. MEET OUR Affordable Housing Team

DISCOVER ALL WE CAN OFFER AT LUMENT.COM DEBT | REAL ESTATE INVESTMENT SALES | LOAN SERVICING Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA/SIPC. Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission.

Prescribed Consulting For Affordable Housing Development

We’re resourceful, experienced, creative problem solvers in affordable housing and financing. With a specialty in the Housing Tax Credit program and other state and federal funding sources, we guide our clients through the process in Texas while mitigating the bureaucracy. One of our proprietary GIS “viewer” mapping system facilitates the site selection process and structure a successful real estate transaction.

2201 Northland Drive Austin, Texas 78756 contact Lora Myrick: lora@betcohousinglab.com (512) 785-3710 | betcohousinglab.com

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

SPOTLIGHT

The Rhett 1000 E Yager Lane, Austin, TX

Photos by Chad Davis

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

SPOTLIGHT

The Rhett

he Rhett is a newly completed multifamily, mixed income apartment community located in Austin’s fast growing Copperfield Neighborhood. The Rhett is a 5-story urban style development with surface parking and consists of three elevator served buildings. Units feature Energy Star appliances, tiled tub surrounds and kitchen backsplashes, granite countertops and resilient flooring. The Rhett is 500 feet from an entrance to the Copperfield Nature Trails, a 2-minute drive to Copperfield Park and is in close proximity to various amenities such as the Tech Ridge Center, Walnut Creek Metropolitan Park in Northeast Austin, the Domain and Q2 Soccer Stadium. This Rhett is also within a High Opportunity Census Tract and within a half mile of the Parmer Lane Imagine Austin Activity Corridor. O-SDA and Saigebrook’s priority to grow and invest in Austin’s creative economy is reflected by the two original murals at The Rhett created by local artists Jose De La Cruz Leon and J Muzacz.

Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e

CREDITS Developer Architect / Design Firm Lenders

Syndicator Other FOR MORE INFORMATION

O-SDA Industries, LLC & Saigebrook Development, LLC

Hatch+ Ulland Owen Architects

Stellar Bank, TDHCA, City of Austin Hudson Housing Capital, Freddie Mac Zydeco Development Megan Lasch Megan@o-sda.com

PROPERTY & FINANCING DETAILS # of Units

215

Unit Mix

1, 2 & 3 Bedroom

Area Median Income Served

30% to 80% AMI

FUNDING SOURCES

RESIDENT SPOTLIGHT

The Rhett secured a $35M tax‑exempt bond allocation and $2.3M in 4% Housing Tax Credits. The City of Austin provided $6.4M in soft financing and TDHCA contributed $2.5M in HOME‑ARP funds. Financing partners included Hudson Housing Capital, Freddie Mac (equity), and Stellar Bank (construction and permanent loans). Project‑based vouchers were provided by the Housing Authority City of Austin.

CHEYANNE

AMENITIES ∙ Fully furnished clubhouse with community room ∙ Kids playroom ∙ After school tutoring room ∙ Fitness center ∙ Business center ∙ Pool and outdoor playground ∙ Outdoor grilling areas ∙ On-site leasing center ∙ Elevator-served buildings ∙ WiFi is available in all common areas

SUPPORTIVE SERVICES ∙ Eviction prevention ∙ Utility assistance ∙ Assistance with job searches and resume/interview preparation ∙ Free onsite activities/events for residents including cooking classes, financial literacy classes, poetry workshops, art classes, events for kids, and shopping events ∙ Free food pantries

My name is Cheyanne, and my journey to stable housing began during a time when I was leaving a domestic violence situation and trying to rebuild my life from the ground up. Before moving to The Rhett, I was living in an apartment that was not in my name, navigating both safety concerns and financial instability. As a working mother in Austin, Texas, I found myself in a difficult position, earning too much to qualify for assistance, yet still struggling to keep up with the rising cost of living. Finding housing at The Rhett changed everything for me. For the first time in a long time, I feel safe, stable, and in control of my environment. Having an affordable home has allowed me to focus not just on surviving, but on truly rebuilding. As a full-time domestic violence advocate working from home, having a secure and peaceful space has been essential. It allows me to show up every day to support others in crisis, while also continuing my own healing journey. After experiencing profound personal loss and life transitions, having a place where we can simply exist in peace has been life changing. I am also a mother of two, and creating a stable, safe home for my children means everything to me. Because my housing is affordable, I no longer have to constantly question how I will provide for my family’s basic needs. I have been able to pay down debt, rebuild my credit, and create a stronger financial foundation for my future. I am able to maintain stability, care for my children, and move forward with confidence. I am not just getting by, I am thriving. Living at The Rhett has given me more than a place to live. It has given me the foundation to rebuild my life with strength, dignity, and purpose. Affordable housing didn’t just change my circumstances, it changed the trajectory of my life.

Lending With a Purpose At Berkadia, we empower communities by delivering innovative and sustainable affordable housing solutions that meet the diverse needs of our clients. Our commitment to excellence and dedication to fostering inclusive communities have positioned us as a top lender in the industry, and we take pride in leading the way in creating accessible housing opportunities for all. VISIT BERK ADIA.COM/AFFORDABLEHOUSING TO LEARN MORE.

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*Based on Berkadia’s total Multifamily Affordable Housing production volume released by Fannie Mae Multifamily and total Targeted Affordable Housing production volume released by Freddie Mac Multifamily for 2025.

THANK GOODNESS FOR GOODMAN

© 2026 Berkadia Proprietar y Holding LLC. Berkadia® is a trademark of Berkadia Proprietar y Holding LLC. Commercial mortgage loan banking and ser vicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage company business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Commercial Mortgage LLC makes or arranges loans pursuant to a California Financing license. Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit w w w.berkadia.com/licensing. 0526JJ

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PROUD S P ONS O R TAA HP’ OF TA AH P’S

20 2 6 T EXAS HO USING CO N FERE NCE C ONF ERENCE

A leader in multifamily and affordable housing finance, providing debt and tax credit equity solutions nationwide, Merchants Capital is ranked the #6 Affordable Housing Lender.* *AHF Top 25 Lenders of 2025 Survey, March 2026.

MerchantsCapital.com

SPOTLIGHT Historic Preservation Photos by Milt Mounts, Essential Images

Roosevelt Lofts 50 North Chadbourne Street, San Angelo, TX

oosevelt Lofts is a 25-unit senior affordable housing development located in the heart of downtown San Angelo and is listed on the National Register of Historic Places. After sitting vacant for three decades, Overland Property Group acquired the 1920s building with a clear objective to preserve the historic character of the former Roosevelt Hotel while adapting it to serve its new use as high-quality, affordable housing for seniors. In 2023, the development was awarded both 9%federal housing tax credits plus federal and state historic tax credits through the Texas Department of Housing and Community Affairs, the Texas Historical Commission, and the National Park Service.

Opening in July 2025, Roosevelt Lofts now provides 25 units of affordable senior housing serving residents earning between 30% and 60% of the area median income. The development has provided seniors a place to call home, with accessible units, walkable proximity to restaurants & healthcare, on-site management, and frequent resident events. It represents community reinvestment, stability, and opportunity. Roosevelt Lofts stands as a testament to the power of historic preservation when paired with purposeful housing development, made possible through tax credit programs.

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PROPERTY & FINANCING DETAILS # of Units

25 (Senior Housing)

Unit Mix

1 & 2 Bedroom

Area Median Income Served

30% to 60% AMI

FUNDING SOURCES ∙ 9% Housing tax credits ∙ Federal historic tax credits ∙ State historic tax credits

AMENITIES Historic finishes, a landscaped courtyard, controlled access, onsite management, fully furnished common areas with Wi‑Fi, an elevator, laundry facilities, on‑site parking, granite countertops, and downtown walkability.

SUPPORTIVE SERVICES ∙ On-site food pantry ∙ Notary services ∙ Game nights ∙ Coffee with the manager ∙ On-site social events ∙ Arts and crafts ∙ Quarterly program with the fire and/or police department ∙ Annual tax prep class ∙ Annual health fair ∙ Holiday events like Christmas wrapping party, Thanksgiving potluck, popsicles at the mailbox, and more.

CREDITS Developer

Overland Property Group, LLC

Architect / Design Firm

Jones Gillam Renz

Syndicator

Midwest Housing Equity Group, Commerce Bank

Lender

Horizon Bank

Other

Historic Consultant: Post Oak Preservation

FOR MORE INFORMATION

April Engstrom aengstrom@overlandpg.com

RESIDENT SPOTLIGHT BEATRICE “BEA” AND RUDY BARRON Rudy and Beatrice “Bea” Barron met at college in Abilene, TX in 1970 and have been married for 54 years. They moved their lives and children to San Angelo in 1989. They were heavily involved in the community and volunteered at Fort Concho, Kiwanis, Key Club, church, and Angelo Catholic School. They both had professional jobs until retiring in 2022, and made the difficult decision to sell all their belongings and move to Pittsburgh, PA to assist their son. In 2025, they moved back to San Angelo, but housing costs and maintenance needs of owning a home were not the best option for their fixed income. When Roosevelt Lofts, a 55+ community, began leasing in the summer of 2025, they toured with their daughter and found it to be a perfect fit. They are now able to enjoy retirement in their hometown, close to family and longtime friends, without worrying about being cost burdened by housing as they age. Living at Roosevelt Lofts has been pleasant for the Barrons. Rudy and Bea take pride showing visitors their two‑bedroom apartment, lobby, common areas, and the friends they’ve made. They enjoy the monthly events, like FridayBingo, weekly coffee and snacks, and creating memories with other residents. They say friends they have made here are like a “second family”. The sense of belonging has had a huge impact on their daily life, and overall health. Being close to downtown is a great benefit, with churches, the hospital, restaurants, and stores within walking distance. Rudy and Bea feel blessed to call Roosevelt Lofts home. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e 101

Purpose Driven Renovations. Community Focused Results.

As the nation’s leader in occupied affordable housing renovations, ICON National brings passion, precision, and purpose to every project, creating stronger communities and lasting impact, one building at a time. Let’s build something great together • 1-800-787-9090 • iconnational.com

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A BETTER WAY TO HOME. 22,000 UNITS NATIONALLY 4,000+ UNITS IN TEXAS

• Conventional, HUD, and Housing Tax Credit Management • New Construction Lease-Ups

• Consulting, Design, and Marketing Services • Compliance Services

PropertyManagement@Seldin.com 2840 S. 123rd Court Omaha, NE 68144

402.333.7373 seldin.com

SPOTLIGHT

The Carpenter 3502 Reeves Street, Houston, TX

DEVELOPER: Brinshore

he Carpenter offers a unique opportunity for families to thrive in one of Houston’s most culturally rich and connected neighborhoods. Located in the historic Third Ward, the community sits just steps from bus and light-rail stops, providing convenient access to major employment hubs, downtown Houston, and a variety of recreation and cultural destinations. With the University of Houston and Texas Southern University nearby, residents are surrounded by educational opportunity and a strong sense of community. This thoughtfully designed community features 76 apartment homes across seven walk-up buildings, creating an intimate, neighborhood-style living experience. The Carpenter is more than just housing; it is a supportive environment designed to empower single parents pursuing higher education while raising their children. In partnership with Family Scholar House, residents have access to comprehensive services that support both academic and personal success. These services include individualized case management, childcare support, and partnerships with local educational institutions to help residents stay on track toward their goals. By combining stable, affordable housing with wraparound services, The Carpenter creates a foundation where families can build a brighter, more secure future.

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Photo by Shawn Mason

PROPERTY DETAILS # of Units

Unit Mix

2 & 3 Bedroom

Area Median Income Served

At or below 60% AMI

Supportive student housing for single-parents

FUNDING SOURCES ∙ Housing tax credits ∙ HUD funding

AMENITIES Study room, business center, community room, playground, and community garden

SUPPORTIVE SERVICES In partnership with Family Scholar House residents are provided with a range of supportive services, including academic and career coaching, therapy, health and wellness coaching, and additional resources designed to promote long-term stability and success.

RESIDENT SPOTLIGHT

JEROMECIA BRANTLEY

JUANITA GARZA

Jeromecia Brantley is a single mother of three and a business student at Houston Community College, balancing school, work, and parenting while pursuing generational change through education. She chose the development because it prioritizes stability, education, and opportunity—more than an apartment, it offers a fresh start that supports her family’s growth and security. Stable housing has reduced her stress and allows her to attend classes, complete assignments, and plan long-term goals.

Juanita Garza is a COVID survivor who worked at Ben Taub Hospital during the 2020 pandemic, providing psychosocial support to patients and staff. A single mother of three, her pandemic experience inspired her to study behavioral science and now pursue an MBA to improve hospital leadership and crisis response. Secure housing reduces her financial stress and allows her to focus on coursework, parenting, and long-term career planning; stable housing gives her the routine, emotional clarity, and time to attend classes and complete assignments.

On her first tour she noticed how new, clean, and peaceful everything felt. The layout suits her family: her daughter has her own room, her sons share a room comfortably, the kitchen is functional, and she says the in-unit washer and dryer are a blessing. She envisions a calm, organized home where her children do homework, she studies after bedtime, and they build routines that foster success. The detailed leasing process reinforced the community’s values of responsibility and accountability and motivates her to stay focused. Being part of a neighborhood that values education and opportunity makes her feel supported and shows her children that education matters. “I hope this community continues to provide the foundation that helps me finish my degree, grow my business ideas, and build long-term stability toward homeownership and financial independence. If you’re serious about your future and willing to work, this is a place where you can truly thrive.”

“On my first tour, the bright colors and bird artwork felt symbolic—representing freedom, hope, and new beginnings. I envision this home as a foundation for stability: a calm place to study, maintain family routines, and support my children’s well‑being.” The leasing and move‑in process was positive; staff members Michael and Joanna guided her through each step, remained supportive during construction delays and voucher processing, and advocated on her behalf. “Being part of a community that values education, stability, and opportunity gives me belonging and motivation. Looking ahead, I hope living here helps me finish my MBA, grow professionally, and create lasting security for my family.”

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NATIONAL AFFORDABLE HOUSING LENDER, SPECIALIZING IN HUD & USDA 538 LOANS Chris Mullen cmullen@bmfcap.com Rob Hall rhall@bmfcap.com

w w w. B M F C A P. c o m | 8 0 1 . 3 2 3 . 1 0 7 8

Multifamily CapEx Specialists Rooﬁng Catastrophe Restoration & Reconstruction Affordable Housing Renovations Commercial Construction

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HOME.

It’s where our heart is. 11111 South Sam Houston Parkway East Houston, Texas

www.sethfc.com

Focused on the future and committed to providing affordable housing for our communities. Thank you TAAHP for your leadership. Your continued support allows us to achieve our mission of developing sustainable housing for generations to come.

All because “home” is at the heart of what we do.

SPOTLIGHT

Red Oaks 11723 N FM 620, Austin, TX

Photos by Virtuance

ed Oaks is a new 70-unit, $26 million affordable housing community located in the Anderson Mill neighborhood of Northwest Austin. Apartments are reserved for renter families earning 30%, 50% and 60% of local area median income (AMI), with rents ranging from $702 for a studio to $2,008 for a three-bedroom. The three-story property has nine studio, 24 one-bedroom, 28 two-bedroom, and nine three-bedroom apartments, ranging from 579 to 1,143 square feet. Residents are steps from everyday essentials, including CVS, Walgreens, gas stations, casual dining, and is minutes from Lakeline Mall, H‑E‑B, parks, transit access, and Round Rock ISD schools such as Purple Sage Elementary. Despite a wave of new apartments in Austin, teachers, artists, healthcare and service professionals still struggle to find quality affordable housing. Communities like Red Oaks are vital to a balanced and equitable market. Execution of this project required navigating Austin’s competitive development landscape and rising construction costs to deliver true affordability in one of the nation’s fastest-growing markets. Through public-private collaboration and layered financing, the team delivered an amenity-rich community without compromising quality.

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PROPERTY & FINANCING DETAILS # of Units

Unit Mix

1, 2 & 3 Bedroom

Area Median Income Served

30% to 60% AMI

FUNDING SOURCES Funding sources for Red Oaks included $16 million in 9% Housing Tax Credits allocated by Texas Department of Housing and Community Affairs and syndicated through Raymond James; a construction loan of $15.6 million provided by Bank of America; a permanent loan of $7 million from Berkadia through Freddie Mac; and a $4 million RHDA subordinate loan provided by Austin Housing Finance Corporation.

AMENITIES Resort-style swimming pool, state-of-the-art fitness center, playground, outdoor grilling area, dog park, pet grooming station, multipurpose clubroom, package locker system, electric vehicle charging stations, secure bicycle storage.

SUPPORTIVE SERVICES Career training programs, job placement partnerships, free income-tax preparation, health fairs, educational classes, community social events, and recreational activities.

CREDITS Developer Architect / Design Firm Lenders

Syndicator FOR MORE INFORMATION

Housing Trust Group, AM Affordable Housing, Thoman & Butler FK Architecture

Bank of America, Berkadia Raymond James

Tatiana Suhr tatianas@htgf.com

RESIDENT SPOTLIGHT TERI SEANEZ Teri Seanez, 65, moved into a studio apartment at Red Oaks this year. Originally from Edinburg, Texas, she followed her sister to the area in the 1990s and built a long career in the healthcare industry, working as a financial coordinator where she helped patients navigate and pay their medical bills. She also held roles in customer service and grocery preparation at ATB Markets. Now retired, Teri enjoys sewing—creating quilts, aprons, and dresses for her granddaughter—and spending time with her son and three grandchildren in Houston. Living at Red Oaks has provided Teri with both independence and a renewed sense of community. After previously sharing space with her sister, she now has a home of her own where she can fully pursue her passion for sewing, with room for her equipment and creative work. The community’s location—just three minutes from her sister’s home—allows her to remain closely connected to family despite not driving. Teri has also embraced the welcoming atmosphere at Red Oaks, forming new friendships and even speaking at the community’s grand opening, where she shared her appreciation for the smooth application process and the opportunity to live in a place she describes as both beautiful and supportive. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e 109

Make an impact How can your company’s lasting success be part of a better future? By connecting with partners who share your commitment to moving businesses, communities and economies forward. What would you like the power to do?®

Start the conversation Valerie Williams, valerie.a.williams@bofa.com business.bofa.com

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured ©2024 Bank of America Corporation. All rights reserved. GBGM-566-AD 6107252

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Are Not Bank Guaranteed

May Lose Value

Building Your Vision FOR

cwakefield@pavilionconstruction.com

503-314-0478

TOM STRAIGHT

tstraight@pavilionconstruction.com

972-626-3032

affordable

housing Carrollton, TX

CADEN WAKEFIELD

PavilionConstruction.com

PAUL NIEDERT

pneidert@pavilionconstruction.com

469-887-0356

(469) 789-5487

SPOTLIGHT

Sunstone

Photos by Big Tex Media, LLC

5606 Culebra Rd, San Antonio, TX

Apartments

unstone Apartments was developed in response to a growing crisis on San Antonio’s West Side, where rapidly rising housing costs were displacing working families from the communities they helped build. Tirol Housing, in partnership with the San Antonio Housing Trust, set out to deliver a solution, but bringing Sunstone to life required overcoming significant challenges. At the height of escalating construction costs, every decision mattered. The team worked to value engineer every square inch of the development—carefully balancing budget constraints while preserving quality, durability, thoughtful design, and the modern finishes and amenities residents deserve. The result is a 199-unit community that serves households earning 30% to 60% of the Area Median Income. It is supported in part by local housing bond funding and delivered through a true public-private partnership. Strategically located near Culebra and Callaghan, Sunstone reconnects residents to jobs, schools, and essential services—reducing daily burdens and increasing access to opportunity.

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More than housing, Sunstone provides stability. It offers families a place to stay, not just a place to live—where children can grow, routines can take hold, and futures can be built. Sunstone stands as proof that even in the most challenging conditions, thoughtful collaboration can deliver lasting impact.

SPECIAL DESIGN FEATURES Sunstone Apartments was thoughtfully designed to balance high-quality aesthetics with long-term durability and everyday functionality for working families. The site plan centers around a connected, walkable layout that prioritizes visibility, safety, and community interaction. Buildings are arranged to activate shared spaces—particularly the central courtyard and pool— creating natural gathering areas that encourage connection while maintaining clear sightlines throughout the property.

PROPERTY & FINANCING DETAILS # of Units

199

Unit Mix

1, 2 & 3 Bedroom

Area Median Income Served

30% to 60% AMI

FUNDING SOURCES Sunstone Apartments was financed with a layered public‑private capital stack to achieve deep affordability and high‑quality construction: 4% LIHTC (35–40%), tax‑exempt private activity bonds (40–45%), City of San Antonio Affordable Housing Bond (3–5%), deferred developer fee/sponsor equity (Tirol Housing) (3–5%), permanent debt financing (10–15%), and soft/gap financing from the San Antonio Housing Trust (5–10%). This coordinated financing enabled delivery of 199 units serving households at 30%–60% AMI, with local bond funding and Housing Trust support closing critical gaps amid elevated construction costs.

AMENITIES Amenities include a great room, fitness room, computer lab, activity center, package room, swimming pool, playground, picnic areas, walk‑in closets, exterior storage, and high‑speed internet.

SUPPORTIVE SERVICES Sunstone offers on-site after-school programs for children, health and wellness resources and initiatives, resident-focused support services tailored to working families, childcare support to reduce gaps, partnerships with local service providers for referrals, flexible community spaces for programming, opportunities for community engagement and connection, and access to resource navigation and referrals.

CREDITS Developer

Tirol Housing

Architect / Design Firm

HEDK Architects

Syndicator

PNC Bank

Lenders

FOR MORE INFORMATION

Colliers Mortgage

Thomas Straight, 972-626-3032 tstraight@pavilionconstruction.com

RESIDENT SPOTLIGHT RJ Long before the ribbon cutting, RJ faced the same challenge many West Side workers do: balancing steady employment with rising housing costs. Raised in affordable housing, he learned to stretch limited resources and pursue stability through discipline. After finishing school he entered the workforce determined to build a life of his own, staying employed and budgeting carefully despite escalating costs. Qualifying at 30% of Area Median Income meant patience through a competitive leasing process—only a few units are reserved at that level, so access is scarce. He stayed focused, kept working, and remained committed to finding independent housing without sacrificing proximity to opportunity. “When something matters, you don’t give up on it—you figure it out,” he said. That mindset brought him to Sunstone. Standing at the ribbon cutting in a red jacket with ceremonial scissors, he symbolized perseverance and the real impact of quality affordable housing. Sunstone’s West Side location and the new transit stop just outside the community let him reliably get to work, lower daily expenses, and plan for the future. What had been a struggle to stay afloat has become a chance to move forward. “Affordable housing isn’t just about cost—it’s about opportunity,” he said. For the first time, he has a home that supports his independence and helps him begin building what comes next. At Sunstone, the ribbon cut more than a grand opening—it cut a barrier. Te x a s A f f o r d a b l e H o u s i n g M a g a z i n e 113

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SPOTLIGHT

The Roz

Photos by Chad Davis

3435 Parker Lane, Austin, TX

he Roz is a 100-unit permanent supportive housing community located in South Austin, developed through a partnership between Austin Housing Finance Corporation and SGI Ventures. The property serves individuals exiting chronic homelessness, with 100% of units supported by project-based vouchers. The development is situated adjacent to Mabel Davis District Park and within a half-mile of 10+ high-frequency transit stops, providing residents access to employment, healthcare, and amenities. The 4-story elevator-served building includes 100 furnished studio apartments and over 7,000 square feet of community and service space. Family Endeavors, a Texas-based nonprofit with over 50 years of experience, provides onsite case management with four case managers available five days a week. Services are tailored to individual needs and offered at no cost throughout residency. HSSA will soon begin LivingWell programming at The Roz, supporting residents seven days a week in the transition out of homelessness.

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The Roz was more than 20 years in the making. Developer Sally Gaskin acquired the land in 2004 as part of the adjacent CityView Senior Apartments, preserving the parcel for future affordable housing. The development began to take shape in 2019, and after seven years of sustained effort, Skybeck Construction completed the building three months ahead of schedule and under budget. O-SDA Industries provided project and construction management support throughout.

SPECIAL DESIGN FEATURES The Roz features trauma‑informed design throughout apartments and common spaces, fully furnished units to ease transitions from homelessness, and laundry facilities on each residential floor to reduce access barriers. Its reduced parking ratio encourages transit use in this transit‑rich location, while over 7,000 sq ft is dedicated to community and supportive service space. A secured front entry with controlled access enhances safety, and integrated acoustical art both controls noise in large community areas and serves as a beautiful focal point.

PROPERTY & FINANCING DETAILS # of Units

100

Unit Mix

Studio

Area Median Income Served

30% to 60% AMI

All are Permanent Supportive Housing (PSH) Units reserved for individuals transitioning out of homelessness

FUNDING SOURCES 9% Housing Credits, Rental Housing Development Assistance funds from the City of Austin, 25 Project-Based Housing Choice Vouchers from the Housing Authority of the City of Austin, 15 Project-Based VASH Vouchers from the Housing Authority of the City of Austin, 60 Project-Based Housing Choice Vouchers from the City of Austin.

AMENITIES ∙ Furnished studio apartments with full kitchen and bathroom ∙ Individually controlled central air conditioning ∙ Health screening room ∙ Community laundry on each resident floor ∙ Computer Center ∙ Library ∙ Fitness center with downtown Austin views ∙ Community gathering room with TV and warming kitchen ∙ Central courtyard with covered patio seating ∙ Secured building entry

CREDITS Developer

SGI Ventures

Architect / Design Firm

Three Bar Architecture

SUPPORTIVE SERVICES

Lenders

∙ Onsite case management (4 dedicated Endeavors case managers and 3 dedicated Housing Support

Syndicator

∙ Services Alliance recovery support specialists ∙ Benefits enrollment and referral services ∙ Health and nutrition education

Other

∙ Community food pantry ∙ Financial literacy and credit/debit counseling ∙ Computer skills training ∙ Resume building, job readiness support, and job search and application assistance

Austin Housing Finance Corporation

Hunt Capital Partners

Chase Bank, Bank OZK, City of Austin, Federal Home Loan Bank Dallas, Housing Authority of the City of Austin

FOR MORE INFORMATION Sally Gaskin, sally@sgiventures.net

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SVN Affordable | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through our national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.

REQUEST AN OPINION OF VALUE If you are interested in obtaining a formal opinion of value for your Affordable Housing asset or partnership interest, please contact us at 513.321.7589.

Gene Levental, Managing Director Gene.Levental@svn.com

Jamie Renzenbrink, Director Jamie.Renzenbrink@svn.com

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David Shlahtechman, Senior Advisor David.Shlahtechman@svn.com

Noah Velleca, Senior Advisor Noah.Velleca@svn.com

SPOTLIGHT

Tobias Place 549 W Biddison Street, Ft. Worth

obias Place marks a historic milestone as the first new multifamily development in the neighborhood in over 40 years. The community provides 288 affordable homes, with 235 units reserved for households earning 60% or less of the Area Median Income (AMI) and 53 units dedicated to those at 0-30% AMI. Designed for modern living, the one-, two-, and three-bedroom apartments are complemented by community spaces including a children’s play area, dog run, pool, multi-purpose fitness center, and co-working rooms. This development directly supports the City’s commitment to providing high-quality, accessible housing while fostering local economic growth. Tobias Place has overcome numerous challenges including working through installing a Quiet Zone, a grueling negotiation process with Union Pacific Railroad as well as working through challenges of inner-city infrastructure that had not been touched in decades. The project utilizes City and County ARPA funds for critical infrastructure, including a new sanitary sewer and a sophisticated stormwater system with dual detention ponds.

The property was named after local leader Cirildo ‘Toby’ Tobias. His legacy of devotion to this community continues to inspire the City of Fort Worth’s revitalization efforts.

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PROPERTY & FINANCING DETAILS # of Units

288

Unit Mix

1, 2, & 3 Bedroom

Area Median Income Served

0% to 60% AMI

FUNDING SOURCES 4% housing credit and private activity bonds; ARAP City and County; Fort Worth Housing Finance Corp; Private Foundation – Rainwater

AMENITIES ∙ Pool with Cabanas and Outdoor Seating ∙ Multi-Purpose Fitness Center ∙ Co-working Spaces ∙ Resident Lounge ∙ Playground ∙ Controlled Access ∙ Mail Room

CREDITS Developer

Ojala Holdings

Architect / Design Firm

Archon Corporation

Syndicator

Hunt Capital Partners

Lenders

Regions Bank

FOR MORE INFORMATION Kacey Thomas, 817-392-7540

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8100

Units Developed

Communities

45 Years

ITEX is proud to be an industry leader in multifamily management and development. From site selection and planning to construction and property management, ITEX is ready to partner with you to realize tomorrow's most vibrant and sustainable communities.

itexgrp.com

info@itexgrp.com

(409) 724-0020

Citi Community Capital

Fast. Simple. Certain. This is Citi Community Capital.

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Unlocking opportunity Investment Properties | Debt & Structured Finance | Investment Banking

$2.63B

Closed Transaction Volume in Texas

$2.53B

Closed Financing Volume in Texas

1,620

Total Valuations Volume in Texas

cbre.com/affordablehousing

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SPOTLIGHT

Lost Oaks 810 Oak St, Houston, TX

pened in March 2026, Lost Oaks is a newly constructed affordable housing community in Houston’s Central Northwest neighborhood targeting households earning 30%-80% of area median income. A midblock infill development, Lost Oaks features thoughtfully crafted interiors within an intimate mid-rise setting. The five-story building features a facade of stucco and fiber cement lap siding, with common area amenities distributed across the ground and second floors. Polished finishes, private outdoor spaces, and inviting living areas balance quality with neighborhood warmth. Apartments feature generous floor plans with market-rate-comparable finishes. Kitchens include full-size refrigerators, dishwashers, garbage disposals, electric ranges, and microwaves. Granite countertops, luxury vinyl plank flooring, and ceramic tile bathrooms are standard throughout. Each unit includes washer-dryer connections and private patios/balconies. Lost Oaks is conveniently located near public transportation with direct access to downtown Houston. Bus service runs every 30 minutes, seven days per week. Shepard Park - featuring a playground and walking trails - is a short walk away, and most everyday services are within two miles.

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Photos by Zillow

Developer Mark Dana Corporation has committed to reserving 5% of units for persons with special housing needs, including individuals with disabilities, veterans, those experiencing homelessness, and survivors of domestic violence. An additional 2% are designated for referrals from local homeless service providers.

PROPERTY & FINANCING DETAILS # of Units

Unit Mix

1, 2, & 3 Bedroom

Area Median Income Served

30% to 80% AMI

FUNDING SOURCES ∙ 9% Housing Credits - 67% ∙ American Rescue Plan Act (ARPA) Funds - 16% ∙ Conventional Loan - 15% ∙ Deferred Developer Fee - 2%

AMENITIES ∙ Courtyard and pool ∙ Outdoor cabana and grills ∙ Community room with warming kitchen and free WiFi ∙ Business center lounge with conference room and computer rooms ∙ Laundry center ∙ Fitness center ∙ Activity and craft room ∙ Parcel lockers ∙ Full perimeter fencing

SUPPORTIVE SERVICES ∙ Credit counseling ∙ Homebuyer education ∙ Financial planning ∙ Annual health fair ∙ Onsite social events

CREDITS Developer

Mark-Dana Corporation

Architect / Design Firm

Mucasey & Associates

Syndicator

Enterprise Community Partners

Lenders

Other

Stellar Bank

Harris County Housing Finance Corporation

FOR MORE INFORMATION Steve Wiltz, 713-239-2929 lostoaks@mark-dana.com

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SPOTLIGHT

Photos by Shoot2Sell

Palladium McKinney

2656 Virginia Parkway McKinney, TX

n one of America’s fastest-growing cities, Palladium McKinney houses the people who keep McKinney running. The 172-home community brings high-quality, fully affordable housing to Collin County for teachers, healthcare workers, public safety personnel, and families priced out of the city they serve. Born from a partnership between Palladium USA, the City of McKinney, the McKinney Housing Finance Corporation, the McKinney Public Facility Corporation, and the McKinney Community Development Corporation, the community navigated historic interest rate volatility and rising construction costs, delivering more than 47 million dollars of dignified rental housing. Every apartment home is reserved for households at or below 60 percent of the Area Median Income, addressing a widening gap between local incomes and market rents. Financing combined tax-exempt multifamily bonds and 4 percent federal Housing Tax Credits administered by the Texas Department of Housing and Community Affairs (TDHCA) with a 1.5 million dollar local commitment from the McKinney CDC. Residents enjoy a mix of one, two,

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and three-bedroom homes averaging 938 square feet, paired with resort-quality amenities, professional on-site management, and Palladium Connect programming. Palladium McKinney brings Palladium USA’s mission— changing lives one apartment home at a time—to life, giving a single parent the ability to afford both rent and school supplies and allowing an essential worker to finally live in the city they serve.

Special Design Features Interior finishes prioritize durability and modern aesthetics, with attention to natural light, storage, and family-friendly layouts. Accessible apartment homes and circulation paths are integrated throughout the community in alignment with applicable Fair Housing Act, ADA, and Texas accessibility requirements. Site planning emphasizes resident safety and ease of daily life, with controlled access, considered lighting, intuitive wayfinding, and gathering spaces designed to encourage neighbor-to-neighbor interaction.

PROPERTY & FINANCING DETAILS # of Units

172

Unit Mix

1, 2, & 3 Bedroom

Area Median Income Served

60% AMI

FUNDING SOURCES ∙ Tax-Exempt Multifamily Bonds - 49% ∙ 4% Federal Low-Income Housing Tax Credit Equity - 40% ∙ Deferred Developer Fee - 7% ∙ McKinney CDC Local Funding - 3% ∙ Undisbursed Bond Fund Reinvestment Earnings - < 1%

AMENITIES ∙ Resort-style swimming pool with surrounding sundeck and shaded lounge seating ∙ Community clubhouse with resident lounge ∙ On-site leasing and management office ∙ Fitness center for cardio and strength training ∙ Business center and resident work-from-home stations ∙ Children’s playground and outdoor play area ∙ Athletic/sport court ∙ Landscaped courtyards and outdoor green space ∙ Secure perimeter fencing and controlled-access pedestrian entries ∙ Elevator-served residential buildings for accessibility and convenience

SUPPORTIVE SERVICES

CREDITS Developer

Palladium USA

Architect / Design Firm

Cross Architects

Lenders Syndicator Other

∙ After-school enrichment and youth tutoring opportunities ∙ Financial literacy and household budgeting workshops ∙ Health and wellness events, including on-site screenings and fitness classes ∙ Job readiness, resume support, and connections to local workforce partners ∙ Senior programming and social engagement activities ∙ Computer literacy and digital skills training ∙ Resident social events that build neighbor-to-neighbor connections ∙ Holiday and seasonal community gatherings ∙ Connections to local nonprofits, food assistance, and community resources ∙ On-site resident services coordinator to support program access and engagement

Cedar Rapids Bank & Trust, PNC Bank, TDHCA, McKinney CDC PNC Bank

McKinney Housing Finance Corporation, City of McKinney, Bracewell, Stifel, Hilltop Securities, Chapman, Carleton, Palladium Management, Palladium Connect

FOR MORE INFORMATION Levi Leddy, 469-621-3595 lleddy@palladiumusa.com

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T H A N K YO U

2026 TAAHP Supporters

Thank you to all our wonderful supporters who stepped up to champion TAAHP's mission to increase the number of quality, affordable housing units in Texas. Your commitment and support are vital to our efforts and help create meaningful change for communities across the state. We are grateful for your partnership in this important work. Together, we're building a brighter future for Texas.

EFFICIENT | EFFECTIVE | EXECUTION

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Developing and Managing Exceptional Communities Palladium USA is a premier real estate development firm specializing in multifamily and attainable housing.

PalladiumUSA.com

“Changing lives – one apartment home at a time” ®

Current Developments in Construction Palladium Canyon Park | San Antonio, TX (321 Units) Palladium San Antonio | San Antonio, TX (288 Units) Palladium City Skyline | Fort Worth, TX (243 Units) Palladium Carver Living | Mesquite, TX (288 Units) Palladium Buckner Station | Dallas, TX (304 Units) Palladium Mesquite | Mesquite, TX (111 Units) Palladium Motley Senior Living | Mesquite, TX (133 Units) Palladium Cockrell Hill Senior Living | Dallas, TX (120 Units) Palladium Craig Ranch | McKinney, TX (327 Units)

13455 Noel Road, Suite 400 | Dallas, Texas 75240 | 972.774.4455

Behind the Numbers. Ahead of the Market. Built from data on 30,000+ LIHTC properties, the Aﬀordable Housing Credit Study delivers the benchmarks developers, investors, and housing leaders rely on to navigate risk, performance, and policy change. creditstudy.cohnreznick.com