Housing authority director says all public facility corporation activity has complied with state law, city’s requests for records requests have received...
However, the city and school district said in the release that the PFCs — quasi-government nonprofits that own or operate multifamily properties — created by the housing authority “have not been able to produce records showing the required number of affordable units are leased to citizens who qualify based on their income.”that all PFC activity has been completed and transacted in accordance with Texas law and all records requests have received a response.
on property wholly located in Williamson County, a maneuver that was allowed by the law before HB 2071 passed this summer.In order for PFCs to qualify for the tax exemptions, new developments will have to comply with new reporting requirements, expiration provisions and heightened tenant protections. The new requirements only apply to developments approved and taxes imposed on or after May 19, 2023.
“A requirement of the law is that the majority of the board has to be elected officials, so that there’s some direct line of accountability to the voters, which doesn’t exist with housing authorities,” Way said. “But it still doesn’t go far enough… For example, the school district could, if it wanted to, approve PFC projects without the city or county’s approval.”
At the time of the study, 35,000 renter households living within the city limits of Plano were considered low income, where 63% could benefit from affordable housing programs using tax-credit funded programs, private bonds and PFC financing structures.“The current supply of 4,169 ‘affordable’ rental units addresses approximately 12% of the need for affordable rental units,” according to the study.
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