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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.
Great experience purchasing our first home! Bill was easy to reach and always able to answer any questions or concerns.
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š° Whereās the Money? Houston Housing Authorityās Failure to Collect $2.7M in Developer Fees
š” Houstonās Affordable Housing at Risk: The Missing Millions from Developer Contributions
Letās talk about a big issue thatās been brewing in Houstonās housing market. The Houston Housing Authority (HHA) has a controversial tax break program designed to support affordable housing, and while itās brought in over $50 million from developers, the HHA has failed to collect an additional $2.7 million that was supposed to help fund affordable housing projects. š
š A Closer Look at the Numbers
An audit, requested by Mayor John Whitmireās administration, revealed that at least $2.7 million in payments went uncollected over the past seven years. This revelation has sparked serious concerns about the accountability of the HHAās programs. The Housing Authority has made more than 100 tax deals, but only 1% of the units created serve the neediest residents. š¤
š¢ Who Benefits from These Tax Breaks?
Housing advocates and state legislators are questioning whether these tax breaksāwhich can save large apartment complexes around $1 million a year by exempting them from property taxesāactually benefit the tenants. With housing costs rising faster than wages, the need for affordable housing in Houston is more critical than ever. Yet, thereās growing uncertainty about how these funds are being used and whether theyāre truly helping those in need. šļø
šø Whereās the Money Going?
Jay Mason, the director of real estate investment and development at the HHA, mentioned that theyāre working to recoup the outstanding fees, but details on how the collected $53 million has been spent remain vague. The audit shows that developers havenāt always paid what they owe, and thereās little clarity on how many affordable units these tax break deals are actually creating.
This lack of transparency has left many questioning the effectiveness of the program. š
š¢ Calls for Accountability
Local advocates are demanding more transparency. Ericka Bowman, founder of Project 8, a nonprofit advocating for tenants of subsidized housing, emphasized the need for regular and clear financial reports from the HHA. āThis mismanagement of funds is an affront to those who desperately need these resources,ā she said. š£ļø
Meanwhile, the HHA has been sending demand letters to developers who are behind on payments. Theyāve managed to recover $2.7 million in default payments, but a significant amount remains unaccounted for, and developers are questioning the HHAās calculations. š§¾
šØ The Impact on Houstonās Most Vulnerable
As this drama unfolds, low-income Houstonians continue to struggle with finding affordable housing. With property tax exemptions causing revenue shortfalls, local utility districts are facing budget crises, which has led to higher fees for services that were once covered by taxes. In some cases, these increased costs are being passed on to tenants, further compounding the challenges faced by those already in vulnerable situations.
š Whatās Next?
Mayor Whitmireās office is working to address these issues, but thereās still a lot of work to be done to ensure that Houstonās affordable housing programs are transparent, effective, and truly beneficial to the people theyāre supposed to serve.
Letās keep an eye on how this unfolds. Houston needs affordable housing now more than ever, and every dollar counts. šŖ #AffordableHousing #HoustonHousing #PublicAccountability #RealEstateNews #HousingCrisis
Iām an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.
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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
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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. Copyright Ā© 2021 | Medallion Funds
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Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
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/
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