We have a construction loan for the development of a 325-unit mixed income multifamily development in Dallas, TX. The project is encumbered by an agreement which will restrict 50% of the property to tenants with incomes at or below 80% of AMI and 40% of the units to tenants with incomes at or below 140% of AMI. The remaining 10% of units are market rate and unrestricted. In exchange for providing at least 50% of the units to tenants earning at or below 80% of AMI, up to 100% of school, county, and city property taxes may be abated. The abatement will continue as long as the property complies with the rent/income restrictions.

Would we get community development credit for the full dollar amount of our loan? Or would we only get credit for the pro rata dollar amount based on the 50% restricted at or below 80% of AMI?

Thoughts are greatly appreciated! Thank you!

Sounds like 50% of the units will be occupied by LMI tenants as long as the rents are affordable (do you have that data?). Even if fewer than 50% of the units were affordable and restricted to LMI tenants you can still meet the "primary purpose" test if:
1- you have documentation from the borrower that they intend to offer affordable rents for % of tenants who are :LMI tenants.
2- you structure the deal to achieve the purpose (i.e., set asides as you have indicated) and
3- you are reasonably certain to have fulfilled the CD purpose or can prove you have fulfilled the purpose.

If you do the foregoing you can claim 100% credit and not just pro rata credit.