Housing Finance Corporations are created after meeting the requirements of Chapter
394 of the Texas Local Government Code (LGC). In May 2025, a significant update was
made to the LGC requiring an underwriting assessment for certain affordable housing
projects. For projects that meet this requirement, the underwriting assessment must be
posted on our website in advance of Board action.
Below is a list of all properties that meet this requirement:
- 7333 Bluff Springs
RPM Living (“RPM”) has applied to Travis County Housing Finance Corporation
(TCHFC) for an opportunity to partner on a workforce housing development,
7333 Bluff Springs Apartments. The developer will source all debt and equity
financing on this project. TCHFC will not be issuing bonds, nor will there be 4%
housing tax credits involved. Wholly-owned subsidiaries of TCHFC will act as the
general partner and the general contractor. 7333 Bluff Springs Apartments will be
located at 7333 Bluff Springs Road, Austin, Texas 78744.
This workforce development will have a total of 283 units. Fifty percent (50%) of the units will be
restricted to household incomes at or below 60% of the area median income
(AMI) and 40% of the unites will be restricted to household incomes at or below
120% of the AMI and no more than 10% will be unrestricted. AMI will be adjusted
for family size and rent charged will not exceed 80% of the market rental rates
set forth units with the same number of bedrooms.
A Regulatory Agreement will be entered into and will be recorded in the Travis County land records, that will set forth the income restrictions and describe the methodology for income verification and reporting. - Underwriting Report
FAQ
How do I learn more about the updates to Chapter 394 of the Local Government Code?
For a comprehensive overview of all the changes made by the 89th Legislature in 2025,
please refer to House Bill 21(“HB21”).
Why is an underwriting assessment needed?
Projects that use only property tax exemption, due to a partnership with the Travis
County Housing Finance Corporation, to create the affordability for a housing project
must complete the underwriting assessment. The assessment must make a good faith
determination that the total amount of annual rent reduction applicable to the
development, as defined by Section 394.9026(a), will not be less than 50 percent of the
amount of estimated ad valorem taxes that would be assessed on the property in the
same year if the applicable property did not receive an exemption.
What is a Regulatory Agreement?
A regulatory agreement is a legally binding contract that ensures a housing
development maintains affordability, complies with income and rent restrictions, and
meets federal or state housing program requirements.
Who do I contact if I have questions about a project or an underwriting assessment?
Please email us at