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Viking Enterprise LLC is part of eXp Commercial, an agent-led, cloud-based commercial real estate brokerage with agents across the globe.

Your Trusted Katy / Fulshear & Houston Commercial Real Estate Brokerage

Viking Enterprise LLC is part of eXp Commercial, an agent-led, cloud-based commercial real estate brokerage with agents across the globe.

Looking to invest, buy, sell or lease? We can help.

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Looking to invest, buy, sell or lease? We can help.

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eXp Commercial - Viking Enterprise Team's real estate network provides unparalleled commercial real estate services to Tenants and Landlords around the Katy- Houston area. Our knowledge, experience, and reputation sets us apart from many firms.

A commercial property owner might have various plans that would necessitate the services of a commercial real estate broker. Some of the common scenarios include:

1. Selling the Property: If the owner decides it’s time to sell the property, a commercial real estate broker can help determine the market value, market the property effectively, and negotiate with potential buyers to get the best possible price.

2. Leasing Space: For property owners looking to lease out part or all of their commercial space, a broker can help find suitable tenants, negotiate lease terms, and ensure the lease agreements meet all legal requirements and serve the owner’s best interests.

3. Acquiring More Properties: Owners looking to expand their portfolio would benefit from a broker's knowledge of the market, access to listings, and negotiation skills to secure additional properties at favorable terms.

4. Property Management: While not all brokers offer this service, some commercial real estate brokers or their affiliates offer property management services. This can be particularly appealing for owners who prefer a hands-off approach or are managing properties from a distance.

5. Market Analysis: Owners considering future developments, renovations, or rebranding of their property might engage a broker for a comprehensive market analysis. This helps in understanding current market trends, the demand for different types of spaces, and potential returns on investment for various strategies.

6. Refinancing: In situations where a property owner is looking to refinance their property, a commercial real estate broker can provide valuable insights into the property’s current market value, assist in gathering necessary documentation, and even help in finding the best financing options.

7. Partnership or Investment Opportunities: Owners interested in exploring partnerships, joint ventures, or seeking investors for expansion or development projects might use a broker to find and vet potential partners or investors.

8. Consulting on Zoning and Use Changes: When contemplating a change in the use of the property or dealing with zoning issues, a broker with experience in local regulations and the specific property type can provide guidance and strategic planning assistance.

9. Exit Strategy Planning: For owners looking to plan an exit strategy from their investment, whether it’s through a strategic sale or a gradual winding down of operations, brokers can provide market insights, timing advice, and valuation services to optimize the exit process.

In any of these scenarios, the expertise and services provided by a commercial real estate broker can save the property owner time and money, while also providing access to a wider network of potential buyers, tenants, and industry professionals. Give us a call today!

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❓Uncollected Millions: The Hidden Cost of Houston’s Affordable Housing Tax Breaks 🏘️

🌟 Houston Housing Authority Drops the Ball: $2.7M in Affordable Housing Funds Uncollected 🌟

Commercial Real Estate

August 14, 2024•3 min read

🌟 Houston Housing Authority Drops the Ball: $2.7M in Affordable Housing Funds Uncollected 🌟

❓Uncollected Millions: The Hidden Cost of Houston’s Affordable Housing Tax Breaks 🏘️

Let’s talk about a big issue that’s been brewing in Houston’s housing market. The Houston Housing Authority (HHA) has a controversial tax break program designed to support affordable housing, and while it’s brought in over $50 million from developers, the HHA has failed to collect an additional $2.7 million that was supposed to help fund affordable housing projects. 😟

🔍 A Closer Look at the Numbers

An audit, requested by Mayor John Whitmire’s administration, revealed that at least $2.7 million in payments went uncollected over the past seven years. This revelation has sparked serious concerns about the accountability of the HHA’s programs. The Housing Authority has made more than 100 tax deals, but only 1% of the units created serve the neediest residents. 🤔

🏢 Who Benefits from These Tax Breaks?

Housing advocates and state legislators are questioning whether these tax breaks—which can save large apartment complexes around $1 million a year by exempting them from property taxes—actually benefit the tenants. With housing costs rising faster than wages, the need for affordable housing in Houston is more critical than ever. Yet, there’s growing uncertainty about how these funds are being used and whether they’re truly helping those in need. 🏘️

💸 Where’s the Money Going?

Jay Mason, the director of real estate investment and development at the HHA, mentioned that they’re working to recoup the outstanding fees, but details on how the collected $53 million has been spent remain vague. The audit shows that developers haven’t always paid what they owe, and there’s little clarity on how many affordable units these tax break deals are actually creating.

This lack of transparency has left many questioning the effectiveness of the program. 😕

📢 Calls for Accountability

Local advocates are demanding more transparency. Ericka Bowman, founder of Project 8, a nonprofit advocating for tenants of subsidized housing, emphasized the need for regular and clear financial reports from the HHA. “This mismanagement of funds is an affront to those who desperately need these resources,” she said. 🗣️

Meanwhile, the HHA has been sending demand letters to developers who are behind on payments. They’ve managed to recover $2.7 million in default payments, but a significant amount remains unaccounted for, and developers are questioning the HHA’s calculations. 🧾

🚨 The Impact on Houston’s Most Vulnerable

As this drama unfolds, low-income Houstonians continue to struggle with finding affordable housing. With property tax exemptions causing revenue shortfalls, local utility districts are facing budget crises, which has led to higher fees for services that were once covered by taxes. In some cases, these increased costs are being passed on to tenants, further compounding the challenges faced by those already in vulnerable situations.

🛑 What’s Next?

Mayor Whitmire’s office is working to address these issues, but there’s still a lot of work to be done to ensure that Houston’s affordable housing programs are transparent, effective, and truly beneficial to the people they’re supposed to serve.

Let’s keep an eye on how this unfolds. Houston needs affordable housing now more than ever, and every dollar counts. 💪 #AffordableHousing #HoustonHousing #PublicAccountability #RealEstateNews #HousingCrisis

I’m an experienced Commercial Real Estate Broker, please feel free to reach me at 281-222-0433.

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Houston Housing Authorityaffordable housingtax break programuncollected fundslow-income housingproperty tax exemptionsMayor John Whitmirepublic facility corporations (PFCs)financial compliancevulnerable populationsreal estate investment

Bill Rapp, CRE Broker

I am a Houston commercial broker, with residential experience, as well as a lending background. I have been in the real estate industry for 14 years and counting, and I have worked in many roles within the industry and each has given me a unique perspective of the industry as a whole. My dedication to clients is rooted in this industry knowledge, but also includes my desire to go the extra mile in networking to source off market opportunities for my clients. Me and my team at eXp Commercial have a cutting-edge technology package that gets the widest exposure for each transaction. eXp Commercial offers a nationwide network through which we can deliver the best exposure and professional advice to achieve our clients’ goals while also minimizing their risk. Clients appreciate my methodical method of discovery in our initial consultation. Through which we can get to know each other and their specific’s business’s needs and objectives on a granular level. Our processes help navigate each transaction and its potential pitfalls through to a successful outcome for our clients. It is my stated goal to provide our clients with extensive market analysis and expertise that fosters innovative solutions and rewarding commercial real estate opportunities.

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eXp Commercial - Viking Enterprise team real estate network provides unparalleled commercial real estate services to Tenants and Landlords around the greater Katy & Houston MSA area. Our knowledge, experience, and reputation sets us apart from many firms.