October 2019 Newsletter
Announcing Our November Special
in Honor of Veterans!
November 11th is Veterans Day, and in honor of this, we're offering a free stand-alone Mortgage Credit Certificate (MCC) to Veterans during the month of November. This equates to a $700 savings at closing but thousands of dollars in savings over the life of the loan.

As a reminder, here are the MCC Program Benefits:
  • Veterans do NOT have to be first-time home buyers
  • Helps the Veteran qualify by reducing DTI
  • Reduces federal income tax liability EVERY year the Veteran lives in the home
  • Can be combined with TSAHC's Down Payment Assistance
Our Work to Preserve
Rural Rental Housing
Earlier this month, TSAHC partnered with Enterprise Community Partners , the Federal Reserve Bank of Dallas , USDA Rural Development , and Fannie Mae to host the Texas Rural Rental Housing Buyer & Seller Conference in Dallas. The event brought together stakeholders from around Texas and the country to connect and learn how to preserve USDA Rural Development Rental Housing through financing sources and strategies.

This event built upon the five-part Rural Rental Housing Preservation Academy we co-hosted with Enterprise Community Partners, the Federal Reserve Bank of Dallas and others in 2018.

We're also committed to preserving rural rental housing as part of our Multifamily Tax-Exempt Housing Bond program. Through that program, we're working with Hamilton Valley Management to preserve 22 rural rental developments throughout the state. The 757 units in these properties are targeted to households earning up to 60% of area median income, and 13 of the properties are for seniors.

On October 16th, TSAHC's Board approved a resolution allowing us to issue bonds for the rehabilitation and preservation of these developments.
Draft Multifamily Bond Program Policies and Request for Proposals Available for Public Comment
At their meeting on October 16th, TSAHC's Board approved a draft of TSAHC's Multifamily Bond Program Policies and Request for Proposals (RFPs) and made it available for public comment.

TSAHC is accepting public comments on the draft policies and RFPs until December 1, 2019 and will include written public comments received by then in final recommendations to the Board at the December Board Meeting.  Please email all public comments or questions to Dave Danenfelzer .
Upcoming Events
November 7 in Dallas - "Overcoming the Down Payment Hurdle" class hosted by Guaranteed Rate. This free session provides one credit of mandatory continuing education (CE) for REALTORS®.   Register Here

November 11 - TSAHC offices closed in observance of Veterans Day

November 12 in Austin - TACDC 2019 Texas Community Economic Development Policy Summit More Information and Registration  

November 12 in Lewisville - "Overcoming the Down Payment Hurdle" class hosted by Premier Nationwide Len ding. This free session provides one credit of mandatory continuing education (CE) for REALTORS®.   Register Here

November 27 - 29 - TSAHC Offices will be closed beginning at noon on Wednesday, November 27th in observance of Thanksgiving and will reopen on Monday, December 2nd.
Below are October 2019 excerpts from On the House , a blog TSAHC launched in 2014 on affordable housing topics. We invite you to drop by On the House as we explore important issues, provide an inside look into our programs, and share other valuable resources.  
The Evolution of Cooperative Housing
What comes to mind when you hear the term “co-op housing?” For many people, it conjures up images of commune-style housing from the past; but cooperative housing (also known as co-living) is on the rise, and it's evolving to offer residents more benefits than ever before.

Cooperative housing has traditionally been defined as any type of housing that is owned and controlled by a group of individuals who share equal ownership of and rights to the housing in question.
How the Housing Market is Reacting to Baby Boomer Retirement
PropertyShark recently released the results of their yearly generational housing survey that indexes housing trends and preferences across different age groups. This year, the survey took a look at how the housing market is adjusting to a large, changing age demographic—Baby Boomers.
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National 'Out of Reach' Report Details Continued Rent Increases in Texas
Every year the National Low Income Housing Coalition releases its annual ‘Out of Reach’ report comparing rental housing prices with hourly wages of renters.

The most recent numbers for Texas are alarming. According to the 2019 report, the fair market rent (FMR) for a two-bedroom apartment in Texas is now $1,055. This is 5% higher than the FMR in 2018 ($1,005) and 10% higher than the FMR in 2017 ($956). 
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