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MustReadTexas.com – @MustReadTexas
BY: @MattMackowiak |
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TUESDAY || 12/17/24 |
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“If something of importance is known in Texas, Matt knows it. With a decline in the number of credible news organizations, the Must Read Texas morning email is indispensable for anyone that wants to continue to be informed.” – Former U.S. Senator Phil Gramm (R-TX) |
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MustReadTexas.com – @MustReadTexas
BY: @MattMackowiak |
Subscribe to the daily email here |
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TUESDAY || 12/17/24 |
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Good Tuesday morning.
Thank you for reading as a FREE subscriber. |
» Become a PAID subscriber here for $7/mo or $70/yr and SAVE TIME and be BETTER INFORMED. |
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“If something of importance is known in Texas, Matt knows it. With a decline in the number of credible news organizations, the Must Read Texas morning email is indispensable for anyone that wants to continue to be informed.” – Former U.S. Senator Phil Gramm (R-TX) |
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AUSTIN NEWSLETTER LAUNCHED |
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“Faraway agencies grant Harris County landlords millions in tax cuts,” Houston Chronicle's Yilun Cheng — “Three faraway Texas government agencies have quietly erased $635 million in property value from Harris County’s tax rolls, resulting in over $10 million in lost revenues every year for services such as schools, police and hospitals.
Public facility corporations (PFCs) and housing finance corporations (HFCs) are two once-obscure programs designed to spur affordable housing development. Empowered by state law, they allow apartment developers to get 100% property tax breaks in exchange for marking some units as “affordable” – a term so loosely defined that it often results in no meaningful rent reductions.
In recent years, shrewd operators have also found a way to profit from what many consider a program loophole. Since 2021, Cameron County, the city of Pleasanton and a tiny public agency in Austin called SH130 Municipal Management District have teamed up with real estate investors to make at least 17 Harris County properties tax-free.
Most of these deals were done in secret, without the knowledge or consent of local officials.
The government agencies that sponsor the tax breaks — dubbed by some lawmakers as “traveling” PFCs and HFCs — collect hefty fees of up to $1 million per project. |
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Meanwhile, Houston-area taxing entities, including Harris County and the Houston Independent School District, stand to lose over $10 million in tax revenue every year for decades to come.
The Houston area is grappling with a severe affordable housing shortage, but these tax deals do little to address it, according to researchers, advocates and officials.
A Chronicle analysis found many participating landlords are on track to save tens of millions in property taxes while creating little to no affordable housing. In one instance, a Houston developer used the tax breaks to quickly increase the value of his apartment complexes, flipping them for a $100 million profit.
“There's no absolutely no political accountability for these projects,” said Heather Way, a University of Texas law professor and affordable housing expert who has closely studied the programs. “It’s a get-rich-quick scheme that's coming on the back of the taxpayers.” |
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In 2023, state legislators passed a law banning government agencies from carrying out PFC projects outside their boundaries. Several lawmakers have also vowed to push for similar restrictions on HFCs next year.
Still, these new laws will not undo existing deals that allowed companies to lock in decades-long tax exemptions for their apartments — some lasting up to 99 years.
Harris County officials denounced this practice, especially as residents already face growing tax burdens.
“These exemptions are designed to promote the development of affordable housing in our community,” County Attorney Christian Menefee said. “However, if bad actors are found to be exploiting these exemptions, my office will not hesitate to investigate and take legal action if necessary."" Houston Chronicle ($) |
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FREE SUBSCRIPTIONS HAVE ENDED: As of July 11, 2022, we have moved to a paywall for free subscribers. Free subscribers will only receive the top story in their morning email. Free subscribers will need to become paid subscribers to receive full story summaries. |
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DMN: “Collin, Tarrant and Denton cities bring North Texas to over 8.3 million inhabitants” DMN ($) |
ABJ: “Texas Realtors CEO Travis Kessler to retire, successor named” ABJ |
COMMUNITY IMPACT: “Texas will have a $20B surplus next legislative session, comptroller projects” Community Impact |
DMN: Editorial: “Dallas-Houston bullet train once again in Legislature's crosshairs” DMN ($) |
INSIDE CLIMATE NEWS: “Texas Regulators report more than 250 new cases of groundwater contamination” Inside Climate News |
HOU LANDING: “City Council and mayor cement raise for Houston's newest police officers-in-training” Houston Landing |
DMN: Shawn Todd guest column: “Enforcement is part of a healthy homeless response” DMN ($) |
FW REPORT: “Fort Worth council member responds to TikTok audio of him calling colleagues 'racist'” FW Report |
SA REPORT: “Missions owners score agreement for last piece of land in baseball stadium plan” SA Report |
HOU CHRON: “Tesla fires up its South Texas lithium refinery for first time” Houston Chronicle ($) |
TX TRIB: “After learning hard lessons in Austin, Greg Casar to take Congressional Progressive Caucus in new direction” Texas Tribune |
HOU CHRON: “Sheila Jackson Lee might be honored with name on IAH terminal” Houston Chronicle ($) |
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NEWS FROM AROUND THE STATE |
> TX MONTHLY: "Trump’s Tariffs Could Upend the “Texas Miracle”" TX MONTHLY
> TX MONTHLY: "Texas Legislators Kept Robert Roberson—and Bipartisanship—Alive (for Now)" TX MONTHLY
> FWST: "Hit-and-run crash kills 2 people walking on sidewalk in Arlington, police say" FWST
> HOU CHRON: "Houston teens killed at makeshift club identified as police search for shooter" HOU CHRON
> HOU CHRON: "Honeywell weighs jettisoning aerospace division, following the breakup of other US conglomerates" HOU CHRON
> COMMUNITY IMPACT: "Houston ISD board managers propose changes to rules governing public comment" COMMUNITY IMPACT
> TX TRIB: "Growing oil industry support for methane reduction rule could help it survive Trump’s return" TX TRIB
> DMN: "UT Southwestern student Travis Dowd wins 2024 BMW Dallas Marathon" DMN
> FWST: "Single dad with cancer wants hopes Goodfellows can bring joy to his 4 children" FWST
> DMN: "Plano couple finishes 50 marathons in 50 states in their 50s" DMN
> TPR: "'Stealth vaping' and other dangerous vaping trends" TPR |
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Last night's Texas sports scores:
> NHL: Dallas 3, Washington 1
> NCAAM: TCU 58, South Alabama 49
> NCAAM: Texas Tech 86, Oral Roberts 50
> NCAAM: Rice 77, Alcorn State 75
> NCAAM: UTEP 67, Tarleton State 62
> NCAAM: Sam Houston State 80, St. Thomas 54
Tonight's Texas sports schedule:
> 7pm: NCAAM: Lamar at Southern Miss (ESPN+)
> 7:30pm: NCAAM: Houston Christian at LA Monroe (ESPN+)
> 8pm: NCAAM: Texas Southern at Boise State (MWN)
TEXAS FOOTBALL: "Quinn Ewers should lead Texas, but Arch Manning could spur offense" DMN ($)
SMU FOOTBALL: "SMU in for frigid afternoon in CFP game vs. Penn State" DMN ($)
TEXAS A&M FOOTBALL: "Texas A&M to add former Texas Tech receiver and Georgia defensive back in transfer portal" Houston Chronicle ($)
HOUSTON ROCKETS: "Houston Rockets: Loss in NBA Cup emphasized where improvement needed" Houston Chronicle ($)
SAN ANTONIO SPURS: "Popovich suggests he will return to coach" SAEN ($) |
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