Under the program, families earning 80 percent of Houston’s area median income are eligible for resulting single-family detached houses, townhomes, duplexes or condos. For example, a family of three earning $57,050 or less would currently qualify.
The department said that the developers that the city selects to build the homes could choose to extend the affordability period for the homes beyond the city’s mandated five years. “We encourage any to take on the administrative and compliance burden in pursuit of longer term affordability,” the statement read.
Watkins urged the city to consider making the affordable homes part of the Houston Community Land Trust, a program that makes a similar investment in individual homeowners, but in a way that keeps the home permanently affordable. Watkins called integrating the plans to build subdivisions with the Houston Community Land Trust a “win- win.”
He said that both that option and the community land trust option not only create long-term affordability — they also protect homeowners from rapidly increasing tax increases. If a home cannot be sold for market value, tax appraisal districts should appraise their values accordingly.
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