# TDHCA Bond Properties Explained (Texas) | Income Restricted Apartments > TDHCA bond properties are tax-exempt-bond-financed communities with below-market rent. What bond financing means for rent and how to find them. URL: https://incomerestrictedapartments.com/guide/tdhca-bond-properties-explained/ Last-Modified: 2026-06-24 ![Newer mid-size Texas apartment community with brick veneer at midday](/images/misc/newer-midsize-texas-apartment-community-brick-vene.webp) ## The Short Version TDHCA (Texas Department of Housing and Community Affairs) issues tax-exempt bonds that developers use to finance apartment construction. In exchange, the property has to keep some or all units at below-market rents for a set period. Bond-financed properties usually pair with 4% Low-Income Housing Tax Credits, and together the financing model works for workforce (80% AMI) or mixed-income units. ## Why This Matters to Renters If you’re in the workforce band (earning too much for 60% LIHTC but priced out of market rent), bond properties are often exactly your target. They tend to sit at 60-80% AMI, which is where the workforce gap lives. ## How Bond Rent Works Rent at a bond unit is capped similar to LIHTC: by the tier (usually 60% or 80% AMI) and adjusted for utility allowance and bedroom count. Your personal income doesn’t set the rent; the tier does. Income at move-in has to be under the tier cap. Recertification follows the same 140% over-income rule that LIHTC uses. ![Bond financing lowers rent explainer diagram](/images/misc/bond-financing-lowers-rent-explainer-diagram-tdhca.webp) ## How Bond Differs from 9% LIHTC - **9% LIHTC**: competitive TDHCA allocation; often deeper affordability (30-60%) - **4% LIHTC + bond**: non-competitive; often workforce or mixed (60-80%) Practically for you, the tier of your specific unit matters more than the financing mechanism behind it. ## Finding Them TDHCA publishes a list of financed properties. We match you to open bond properties in your metro at intake if the workforce band fits your income. ## Related Reading - Workforce Housing Income Gap Explained [/guide/workforce-housing-income-gap-explained/ →](/guide/workforce-housing-income-gap-explained/) - What Are LIHTC Tax Credit Apartments? [/guide/what-are-lihtc-tax-credit-apartments/ →](/guide/what-are-lihtc-tax-credit-apartments/) Start the free intake [/contact/ →](/contact/) . ## Frequently Asked Questions What is a TDHCA bond property? + A community financed with tax-exempt bonds issued through TDHCA, usually paired with 4% Low-Income Housing Tax Credits. The bond financing plus the credits let the owner charge below-market rent at some or all units. How is bond financing different from regular LIHTC? + Regular (competitive) 9% LIHTC is deeper and harder to win; 4% LIHTC pairs with tax-exempt bond financing and is non-competitive. Bond-plus-4% is common for workforce and mixed-income communities. How do I find TDHCA bond properties? + TDHCA publishes bond-financed properties on its website, and many are also LIHTC-listed. We can identify bond properties in your metro at intake. ## Related Guides ### 2026 Income Limits & AMI Tables by Texas Metro and Household Size 2026 AMI income limits (30/50/60/80%) for affordable apartments by Texas metro and household size. Updated annually from HUD/TDHCA. [2026 Income Limits & AMI Tables by Texas Metro and Household Size →](/guide/2026-income-limits-ami-tables-by-metro-household-size/) ### Accessible & Disability Income Restricted Housing Need an ADA-accessible affordable unit? Accessible set-asides, reasonable accommodations, and how we match you to disability-friendly communities. [Accessible & Disability Income Restricted Housing →](/guide/accessible-disability-income-restricted-housing/) ### Family (2-3 Bedroom) Income Restricted Apartments Need a larger income restricted unit? Occupancy rules, how bedroom count affects AMI, and waitlist realities for 2-3 bedroom units. [Family (2-3 Bedroom) Income Restricted Apartments →](/guide/family-2-3-bedroom-income-restricted-apartments/) ### Housing Choice Vouchers (HCV) Explained A Housing Choice Voucher helps pay rent at accepting properties. What HCV is, how to get one from your PHA, portability, and how we help. [Housing Choice Vouchers (HCV) Explained →](/guide/housing-choice-vouchers-hcv-explained/) ![](/images/misc/texas-income-restricted-apartment-community-family.webp) Free · No Application Fees Wasted ## Want a Match, Not Just Info? Start the free 5-minute intake. Licensed Texas team, matches within 24-48 hours, application fee rebate on approval. See If I Qualify [/contact/ →](/contact/) Read More Guides [/guide/ →](/guide/)