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Proposed Affordable Housing - 4811 Harrisburg Blvd.

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I looked into it and it is actually kind of interesting. 

An LLC bought the property in 2012 and had this subdivision plat approved in 2018, but never recorded it. Basically, this is what WAS planned a few years ago:


HCAD reports that the property was sold to the Houston Land Bank in Nov. 2021. If you aren't familiar, a land bank is where to promote affordable housing, they decouple the purchase of the land from the structure. Basically, the land bank will retain ownership of the land and the purchaser will only buy the home(s) that are built. They pay a lower mortgage and are still able to build equity. When they want to sell they typically need to sell to a qualified buyer and the price is only allowed to appreciate by a certain rate each year. 

Basically, it is most of the benefits of buying a home while keeping the cost as low as possible. 

More info on their website here: https://houstonlandbank.org/

Edited by wilcal
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15 hours ago, thedistrict84 said:

I noticed the public alleyways in the plot and went to take a look at the satellite view. Had no idea those were there. No longer paved of course, but the patch of grass between the gas station on Lockwood and the fast food place gives an idea of where they were.

Honestly, they were probably never paved. The original developer dedicated them to the city and they were likely never improved.

Adjoining property owners can get "their half" back from the city for free usually. 

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