Low Rates.

Our rates are low, our application is quick and easy! We can get you clear to close in as little as 10 days!

Trusted By Agents With

Meet Bill Rapp

NMLS ID # NMLS # 228246

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.

The Client Experience

Great experience purchasing our first home! Bill was easy to reach and always able to answer any questions or concerns.

Loan Programs Available

Blogs

The Top 5 Mortgage Mistakes to Avoid

Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....

Mortgage Do and

Do not list

Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list....

Tips On How To Improve Your Credit Score

Let's talk about some ways you can improve your credit score! Your credit score is actually a big deal, and it can affect...

šŸ” Houstonā€™s Affordable Housing at Risk: The Missing Millions from Developer Contributions

šŸ’° Whereā€™s the Money? Houston Housing Authorityā€™s Failure to Collect $2.7M in Developer Fees

August 14, 2024ā€¢3 min read

šŸ’° Whereā€™s the Money? Houston Housing Authorityā€™s Failure to Collect $2.7M in Developer Fees

šŸ” Houstonā€™s Affordable Housing at Risk: The Missing Millions from Developer Contributions

Letā€™s talk about a big issue thatā€™s been brewing in Houstonā€™s housing market. The Houston Housing Authority (HHA) has a controversial tax break program designed to support affordable housing, and while itā€™s 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. šŸ˜Ÿ

šŸ” A Closer Look at the Numbers

An audit, requested by Mayor John Whitmireā€™s 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 HHAā€™s programs. The Housing Authority has made more than 100 tax deals, but only 1% of the units created serve the neediest residents. šŸ¤”

šŸ¢ Who Benefits from These Tax Breaks?

Housing advocates and state legislators are questioning whether these tax breaksā€”which can save large apartment complexes around $1 million a year by exempting them from property taxesā€”actually benefit the tenants. With housing costs rising faster than wages, the need for affordable housing in Houston is more critical than ever. Yet, thereā€™s growing uncertainty about how these funds are being used and whether theyā€™re truly helping those in need. šŸ˜ļø

šŸ’ø Whereā€™s the Money Going?

Jay Mason, the director of real estate investment and development at the HHA, mentioned that theyā€™re working to recoup the outstanding fees, but details on how the collected $53 million has been spent remain vague. The audit shows that developers havenā€™t always paid what they owe, and thereā€™s 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. šŸ˜•

šŸ“¢ 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. ā€œThis mismanagement of funds is an affront to those who desperately need these resources,ā€ she said. šŸ—£ļø

Meanwhile, the HHA has been sending demand letters to developers who are behind on payments. Theyā€™ve managed to recover $2.7 million in default payments, but a significant amount remains unaccounted for, and developers are questioning the HHAā€™s calculations. šŸ§¾

šŸšØ The Impact on Houstonā€™s 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.

šŸ›‘ Whatā€™s Next?

Mayor Whitmireā€™s office is working to address these issues, but thereā€™s still a lot of work to be done to ensure that Houstonā€™s affordable housing programs are transparent, effective, and truly beneficial to the people theyā€™re supposed to serve.

Letā€™s keep an eye on how this unfolds. Houston needs affordable housing now more than ever, and every dollar counts. šŸ’Ŗ #AffordableHousing #HoustonHousing #PublicAccountability #RealEstateNews #HousingCrisis

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

https://medallionfunds.com/bill-rapp/

https://www.billrapponline.com/

https://houstoncommercialmortgage.com/

https://findamortgagebroker.com/Profile/WilliamRappJr28883

https://doctorvideo.billrapponline.com/

https://veteransvideo.billrapponline.com/

https://mortgageviking.billrapponline.com/

https://fha203h.billrapponline.com/

https://renovationvideo.billrapponline.com/

https://www.smartbizloans.com/partner/vikingenterprisellc/bill

https://www.fastexpert.com/loan-officer/bill-rapp-95119/

https://billrapponline.com/financingfuturescre-houston-katy

https://www.smartbizloans.com/assist/partner/medallionfunds/bill

https://billrapp.commloan.com/

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

Houston Housing Authorityaffordable housingtax break programuncollected fundslow-income tenantsproperty tax exemptionsMayor John Whitmirepublic facility corporations (PFCs)financial compliancevulnerable populationsreal estate investment
blog author image

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!

Back to Blog

10 Tips for First-Time Homebuyers

Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....

How To Choose the Right Lender for You

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy

Refinancing youe loan and when to do it

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy

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


Corporate | NMLS ID NMLS # 1825831

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/