Houston investors can breathe a sigh of relief: Harris County residents approved a sweeping bond package designed to protect the region from future storm and flood damage. One year to the date after Hurricane Harvey devastated Houston and the surrounding area, 85 percent of voters said yes to the largest bond proposal in the history of Harris County.
The bond allows the Harris County Flood Control District to build over 200 projects over the next 10 to 15 years. It also allows the county to gain access to over $2 billion in matching federal dollars. This is what officials believe will become a model for flood-prone regions across the country.
The bond allows the the Flood District to build over 200 projects over the next 10 to 15 years. It also allows the county to gain access to over $2 billion in matching federal dollars in what officials believe will become a model for flood-prone regions across the country.
The project list includes $1.2 billion for channel improvements, $401 million for detention basins, and $242 million for floodplain land acquisition. Another $12.5 million will be used for new floodplain mapping. Also included is $1.25 million for an improved early flood warning system. An additional $500 million is not yet allocated but could be used for future projects. The bond also includes funding to purchase over 3,500 homes that are currently in the flood plain.
What does all this mean for investors? Simply put, the instability caused by Hurricane Harvey’s devastation is coming to an end. For months, the first question out of any buyer’s mouth has been: Is this home prone to flooding? Because Harvey’s damage was so widespread, the answer has almost always been, Yes. The passage of the bond proposal will affect nearly all Houston neighborhoods and ensure that future storms will not result in such widespread catastrophe. It also ends the possibility that home owners could be subjected to months of political instability to resolve Houston’s flooding issues. The projects funded by the bond will happen quickly, likely spurring investment in Houston’s red-hot real estate market. Builders and investors
By any measure, Houston presents investors with one of the country’s most promising real estate markets. Including the biggest potential for quick, large profits. The passage of the flood bond ensures that Houston will remain not just a competitive market but vibrant. One that offers both quick gains and longer-term investment opportunities. While no one can be sure if another storm will strike, Houston buyers can be confident that their neighborhoods will be ready. The impact of any flooding will be much more minimal. For that reason, experts expect Houston’s economy to grow exponentially during the coming year.