"Precinct 1 Commissioner Rodney Ellis' Office was able to work with the Midtown TIRZ to link their county funding into their funding structure and a third of that, so a portion will be set aside for affordable housing," Houston District C Councilmember Joe Panzarella said.
Panzarella said there needs to be, and will be, an all-hands-on-deck approach to affordable housing in his district, including areas of what the county calls the "midtown zone."
"A portion of the money will go towards the regular projects that the Midtown TIRZ is bringing forward, but a third of it is being reserved for affordable housing and what we hope to see specifically in District C, but all over Midtown, is a larger investment in affordable housing through partnerships with both the city and county," Councilmember Panzarella said.
The ordinance report states that the county participation agreement established the following:
-Harris County's participation in the Midtown Zone through tax year 2050
-10% of the county's increment will be directed to the city's Homeless Housing Funding Account
-Describes the county's approval process for projects financed with the county increment
-One-third of the county's increment will be set aside for county affordable housing projects within the TIRZ boundaries
-Reporting requirements, project-eligibility provisions, and audits
Panzarella said there aren't any specific projects in motion right now under the new agreement, but he is excited about what lies ahead.