Fe-based superelastic alloys are of considerable interest as a cost-effective functional material. To achieve superelasticity in these materials, a certain combination of matrix strengthening, precipitation hardening, and microstructural texturing is required. In heavily cold-rolled and solutionized Fe-Ni-Co-Al-X-B (X= Ta, Cr) polycrystalline superelastic alloys, texture development was evaluated by EBSD, and the fraction of low-angle boundaries was determined. Tensile tests show that texture and the fraction of low-angle boundaries affect the superelasticity of the samples, and are discussed in terms of their effect on deformation mechanisms. The microstructure evolution of grain boundaries was investigated before and after tensile tests, especially in the most strongly-textured samples, and the role that boron plays is examined. Differences in the behavior and properties of the Ta and Cr containing alloys will be compared, with advantages and disadvantages of each discussed.