DJ Please

Any idea what it’s going to be?

@Houston19514 The way it was phrased, he can take out whatever principal has been payed on the mortgage after selling, however can’t sell at market price and take equity gains after the three years he’s been there already. No loan assistance program was used

@HouTXRanger TIRZ (tax incentivized reinvestment zone).

Things he mentioned: Land is paid on tax payer dollars and it is being justified as a grant, developer never paid for land Developer took the land and passed on the covenants to the buyer. Owners paperwork says they can not rent/air bnb before 10 years, but no where in his documentation does it say you can’t sell/sell for a profit before 10 years (says if he knew, would’ve never purchased the home) At the time of purchase, to qualify for house as a single individual, can’t be making more than $55,000k. Any new buyer must also fall under the same rules He’s been there for three years, didn’t mention anything about first time home buyers assistance May just be me, but I feel like making them hold for 10 years is a bit excessive. He’s a young guy, a lot can happen in 10 years, sucks that he thought he was making a responsible financial investment. Instead, he may be walking away with nothing...

Spoke with a home owner in one of those White House’s, they’re currently in the process of trying to sell. They initially bought for 200k , and apparently they can only keep their equity if they sell after 10 years, if they sell anytime before the 10 year mark, they can’t sell for any profit. Sucks that the city is handcuffing “home owners” in this program. What’s the incentive for them to stay in these houses If they Are not able to stay in the house for 10 years (job relocation, growing family etc.) ? Their essentially renting a home from the city, very unique/bad deal in my opinion. Are there any other programs like that in the third ward?

Spoke with the construction team, currently scheduled to be an Event Venue

Construction has begun to build 14 new houses

Reached out to the developer, they are planning 33 homes. 22 two story homes featuring a mix of 2 and 3 bedroom floor plans and 11 3 story homes with roof decks featuring 3 bedroom floor plans. Floor plans range from 1,550 sq ft to 2,300 sq ft and price ranges from $339,000 to $469,000. Expected to be available for occupancy Nov/Dec 2020