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The Texas State Affordable Housing Corporation (TSAHC) is a nonprofit organization created by an act of the Texas Legislature. The organization is self-supporting and receives no state-appropriated funding, but it is subject to significant state oversight.
The Texas State Affordable Housing Corporation helps people who cannot access conventional home finance. It targets the housing needs of low-income and moderate-income families.
Programs and Functions
Programs include:
- Funding home repairs for very low-income Texans with disabilities;
- Providing grants to nonprofits providing housing assistance to families displaced by disasters;
- Partnering with local nonprofits to acquire foreclosed homes from financial institutions and redeveloping them into homes for low-income families;
- Providing housing at below-market rents to low-income families in the Austin area; and
- Offering flexible financing for the development of affordable rental housing across Texas.
Funding
TSAHC sells tax-exempt affordable housing bonds to fund its programs.
It also receives private donations and investments from foundations and financial institutions to help non-profit developers create affordable housing.
TSAHC also has received donated properties for redevelopment as affordable housing.
Structure and Oversight
TSAHC has a five-member board of directors appointed by the governor.
Bonds issued by TSAHC are subject to review and approval by the Texas Bond Review Boardand the Texas Attorney General’s office.
The State Auditor reviews the corporation’s financial statements.
TSAHC is also subject to review by the Sunset Advisory Commission and will undergo a Sunset Review in 2023.
