Houston may have to return tens of millions of dollars earmarked for affordable housing development after the city struggled to complete the project.The city, one of the largest in the country, may give back at least $45 million of federal funds to the state of Texas after it was unable to use the cash to fully execute an affordable housing commitment.The city had plans to create more than 1,000 affordable properties after Hurricane Harvey hit the area.
Local authorities in the previous city administration had bought lots, according to the report, using funds secured from a disaster recovery program put together after Hurricane Harvey tore through Texas in 2017, though it had been downgraded to a tropical storm by the time it arrived in the state.In September, officials from the city informed state officials that they were late on kickstarting the affordable housing, ABC 13 reported. This week, the city began the process.
Source: Real Estate Daily Report (realestatedailyreport.net)
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