On October 27, 1999, the City approved the creation of the Land Assemblage Redevelopment Authority ("LARA"), together with its Articles of Incorporation ("Articles") and bylaws ("Bylaws"); and on July 25, 2018, the City approved and authorized the name change to Houston Land Bank (“HLB”), amended the certificate of formation and amended and restated the Bylaws of HLB ordinance pursuant to Ordinance No. 2018-598.
On June 16, 2021, SB1679 was passed in the 87th Legislative session and became effective on September 1, 2021. In accordance with Section 379H.203 of the bill, certain City of Houston real property tax revenues owed to HLB are to be remitted in accordance with the administrative procedures established by the Tax Assessor-Collector of the county in which the land bank is located. In summary, the City will remit to the HLB property tax revenues generated on property owned and conveyed by the HLB to affordable housing builders.
On August 30, 2023, City Council approved an Interlocal Agreement between the City of Houston and Houston Land Bank, Ordinance 2023-727, that outlined the administrative procedures and requirements for reimbursement.
The City, in conjunction with the Harris County Tax Office, has agreed that $22,127 shall be remitted to HLB for tax years 2023 and 2024.
| Tax Year 2023 |
$4,964 |
| Tax Year 2024 |
$17,163 |
| Total |
$22,127 |
The City and HLB agree that the City’s annual remittance of real property tax revenues pursuant to this Agreement shall be fully applied toward the acquisition of real property and other necessary operational costs of HLB.
The City and HLB agree that the City’s annual remittance of real property tax revenues pursuant to this Agreement are subject to annual appropriation by City Council.
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Gwendolyn Tillotson-Bell, Chief Economic Development Officer