It's not the easiest real-estate market in history, but the city of Houston says it made $8 million in selling 171 scattered homes and three lots around town that had been designated for low-cost housing.
The 1987 experiment in scattering low-cost housing around neighborhoods only worked to a degree (Note: You must have read Evelyn Waugh's Scoop to get that reference), and the city sold the inventory and will apply the money to other low-cost housing.
"This is an example of innovation and efficiency that has beneficial results for Houstonians in need of housing, communities around the city as well as investors," Houston Mayor Annise Parker said in announcing the sales.
If you like this story, consider signing up for our email newsletters.
SHOW ME HOW
The Housing Authority's new president and CEO, Tory Gunsolley, said the properties were a drag on the agency. "Selling these properties was a critical first step in our effort to get the agency moving forward," he said.