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William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.

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šŸšØ CEO Resignation Amid HHA Probe: Key Updates šŸ 

šŸ” Investigation Sparks Leadership Change at HHA šŸ¢

November 20, 2024ā€¢2 min read

šŸ” Investigation Sparks Leadership Change at HHA šŸ¢

šŸšØ CEO Resignation Amid HHA Probe: Key Updates šŸ 

šŸ’” Transparency Wins: Houston Housing Authority Update šŸ¢

The Houston Housing Authority (HHA) has found itself in the spotlight amid leadership changes and mounting scrutiny over its practices. David Northern, who served as president and CEO since February 2022, resigned this week in the wake of an investigation into his duties and decision-making. Letā€™s break down the story and what it could mean for Houstonā€™s housing future.

Resignation Amid Controversy šŸ•µļøā€ā™‚ļøāš–ļø

Northernā€™s resignation comes with a severance package of six monthsā€™ salary and health insurance. His departure follows a period of intense scrutiny, including an investigation into HHAā€™s contracting practices and Northernā€™s performance. The investigation also looked into whether Northern fulfilled his fiduciary duties.

Adding to the tension, federal agents recently tested soil samples at The Pointe at Bayou Bend, an HHA property near a contaminated incinerator site in the East End. This raised questions about past leadership decisions, with Mayor John Whitmire calling the projectā€™s location a mistake and accusing HHA of withholding critical information from its board.

Interim Leadership Steps In šŸš§šŸ‘©ā€āš–ļø

With Northern stepping down, Jennine Hovell-Cox, HHAā€™s general counsel, has been appointed interim president and CEO. Mayor Whitmire expressed confidence in the board's efforts to bring transparency and accountability to the organization. This leadership shake-up follows Whitmireā€™s earlier move to replace five of the seven HHA board members earlier this year.

Criticism of Affordable Housing Strategies šŸ—ļøāŒ

This isnā€™t the first time HHA has faced criticism. Last year, questions arose about its use of Public Facility Corporations (PFCs), which enable tax breaks for affordable housing properties. However, a Houston Chronicle analysis revealed that only 1% of these tax-exempt units served low-income residents. The authority was also found to have missed out on millions of dollars in project fees.

Whatā€™s Next for Houstonā€™s Housing Authority? šŸŒŸšŸ™ļø

The resignation of David Northern signals a potential turning point for the HHA. With new leadership in place and ongoing investigations, Houston residents and stakeholders will be watching closely to see how the authority addresses past missteps and rebuilds trust.

The housing challenges facing the cityā€”from homelessness to affordable housing shortagesā€”require a transparent and strategic approach. As Houston continues to grow, ensuring accountability within the HHA will be crucial for meeting the needs of its most vulnerable populations.

šŸ’¬ Whatā€™s your take on the changes at HHA?

Share your thoughts below or reach out to discuss how these developments might shape Houstonā€™s housing market.

Iā€™m an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.

#HoustonHousing #LeadershipChanges #AffordableHousing #TransparencyMatters #CREInsights

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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory

Houston Housing Authority (HHA)David NorthernPublic Facility Corporations (PFCs)Mayor John Whitmirehomelessness in Houstonaffordable housing shortages
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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: ā€¢ Fixed-rate mortgages: Offering stability with predictable monthly payments. ā€¢ Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. ā€¢ FHA loans: Making homeownership accessible with lower down payments. ā€¢ VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: ā€¢ Purchase loans: Financing the acquisition of new buildings or land. ā€¢ Construction loans: Facilitating the development of your project. ā€¢ Refinance loans: Restructuring your existing mortgage for better terms. ā€¢ SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: ā€¢ Expertise: Our brokers have a deep understanding of both residential and commercial lending. ā€¢ Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. ā€¢ Streamlined Process: We handle the paperwork, keeping you informed every step of the way. ā€¢ Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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Copyright Ā©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS # 1825831

Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/