The Texas Legislature’s biennial session comes to an end next week, and Gov. Greg Abbott already signed off on a measure that is troubling developers.
House Bill 21 closed a loophole for “traveling” housing finance corporations that allowed multifamily investors to exploit affordable housing programs for property tax exemptions in major cities. But the loophole’s biggest critics said the law went too far.
It set stricter affordability requirements and mandated that rent reductions offset at least 50 percent of tax savings, with annual audits for compliance.
The new standards could discourage investment and undermine local control, critics said. Legal challenges are expected based on the bill’s retroactivity — it requires deals done in the past to come into compliance with the new law.
Here’s what else happened in Texas real estate this week.
A storied River Oaks mansion tied to one of Houston’s most infamous true-crime sagas relisted for $5.2 million. Once home to Joan and John Hill, whose scandalous deaths inspired the book “Blood and Money,” the updated 1935 estate blends historic charm with modern upgrades, offering buyers a rare piece of Houston history.
Zad Roumaya, a Dallas developer and artist who played a key role in revitalizing the Cedars neighborhood, died by suicide at age 67. Known for blending creativity with community-focused development through his firm Buzzworks, Roumaya helped transform the area into a hub for arts and urban living while advocating for affordable artist housing and adaptive reuse.
San Diego-based ConAm has expanded its Texas presence with the purchase of the 325-unit Maxwell apartment complex in Frisco’s Canals at Grand Park, acquiring it from Hampshire Properties with a $42 million loan. The acquisition taps into Frisco’s booming growth and proximity to major mixed-use developments like the Star and the upcoming Universal Kids Theme Park.
Austin-based OHT Partners is moving forward with a 360-unit apartment project in the Dallas-Fort Worth suburb Arlington despite resident opposition over traffic and safety concerns. The project, approved by the planning commission with conditions, joins a relatively slow development pipeline.
Pearland Asian Town, a retail center targeting Pearland’s growing Asian community, is rapidly leasing up ahead of its phased opening later this year. Developed by Peter Wood, the 126,000-square-foot project has drawn strong demand from Asian restaurants and grocers, positioning itself as a cultural and commercial hub similar to Katy Asian Town.
—Rachel Stone
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