Public Facilities Corporation Application
Are you a developer or project sponsor seeking tax exemption for an affordable housing development in Travis County? The Travis County Facilities Corporation (TCFC) is now accepting applications for PFC project approval, as required by recent state legislation. Our team will review your application and work with you to ensure all requirements are met, including income and rent restrictions, along with fair housing policies. Submit your PFC application today and take the first step toward increasing access to quality affordable housing in Travis County.
Workforce Housing
4% Tax Credit
Submitting a Workforce Housing Application
To initiate the approval process, first complete the Acknowledgement of Standard Terms with TCFC. Then, submit the County's PFC Application at least 30 days prior to your desired Travis County Commissioners Court date. Our team will review your submission and work with you to ensure all requirements are met. You'll also need to fill out our term sheet template below, for approval by the board.
Acknowledgement of Standard Terms →
Board Approval →
Submit County Application →
County Approval
Workforce Standard Terms
Below are the standard terms set by the TCFC Board of Directors that developers must agree to in order to be eligible for a partnership with TCFC, for Workforce property deals.
- PFC owns fee to entire project.
- Lease to for-profit Developer.
- Developer raises debt and equity.
- PFC will retain fee of entire project at end of lease term.
- Lease 75 years.
- 15% of annual tax savings initially using 80% of project costs to calculate (may be set as fixed rent)
- If fixed rent, reset rent on first sale based on 15% of 80% of sales price tax rate.
- Increase by 3%/year.
- $250,000 at closing.
- 15% of return after debt, equity and preferred return are repaid on 1st capital event; then 2% of gross on all subsequent sales.
- $1500/door one-time payment
- PFC receives 15% of Developer Fee.
- 30% of units must be reserved for 80% AMI adjusted for family size and
- 20% of units reserved for 60% AMI adjusted to family size.
- 40 years
- If it occurs before 40th year, PFC conveys entire project.
- After 40th year, PFC to be paid termination fee.
- Must be maintained as Class A apartment.
- Physical needs assessment every 7 years and upon sale
- Lease can be terminated 40 years upon paying a sliding scale fee based on when the termination is. The fee for a termination in year 40 is 7% of the FMV and it goes up to 32% by year 60.
Workforce Term Sheet Template
You'll need to prepare a term sheet for your project for approval by TCFC's board, using the template below. This outlines our standard terms in greater detail, and will also contain relevant documents outlining the project, its details, location, amenities, and more.
Submitting a 4% LIHTC Application
To initiate the approval process, first submit a Letter of Interest to TCFC at [email protected]. We'll work with you to bring your project to the TCFC board, and once it's approved, you'll need to submit a Request for a Resolution of No Objection (“RONO”) with Travis County. Then, you'll need to attend a TEFRA Hearing, which is required by the IRS and allows the public to comment on the deal.
Letter of Interest
untytx.gov
Board Approval
Request a Resolution of No Objection →
TEFRA Hearing →
Questions?
