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April 29, 2021

Without More Funds, Houston’s Housing Authorities Can’t Keep Up With Affordable Housing Demand

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The Houston Housing Authority and the Harris County Housing Authority are racing to build more affordable housing in the greater Houston area, with at least 30 approved projects underway between them, the most in a number of years and a significant expansion of their portfolios.

That growing pipeline is part of a serious effort by city leaders to address the economic hardship facing many low-income renters in Houston, a situation that has only intensified since the onset of the coronavirus pandemic.

But a lack of adequate federal funds and not-in-my-backyard attitudes have made it exceedingly difficult for housing authorities to catch up with demand, calling into question whether Houston will ever be able to properly house its low-income population.

“We're just not reaching scale quickly enough as a region to keep up with demand,” Texas Housers Southeast Texas Director Zoe Middleton said.

Without More Funds, Houston’s Housing Authorities Can’t Keep Up With Affordable Housing Demand

Houston’s affordable housing crisis has been bubbling for years. Even before the pandemic, the city ranked fifth in the nation and first in Texas for having the most severe shortage. There are only 19 affordable housing units for every 100 households in need, or about an 80% deficit, according to…

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The Innovators: Apprise

 

For decades, the appraisal industry — an important cog in the commercial real estate ecosystem — has operated with a largely manual workflow, with appraisers using Excel spreadsheets and Word documents to aggregate property information. 

Walker & Dunlop and Dutch valuation tech firm GeoPhy set out to change that in January 2020 by launching Apprise, an appraisal company that uses machine learning to speed up the process dramatically.

The need for speed became even more pronounced two months after the company launched, as the coronavirus pandemic disrupted the commercial real estate industry and injected uncertainty into assets that had long been stable. Apprise Chief Operating Officer Nicole Urquhart-Bradley, who leads the company alongside Managing Director Meghan Czechowski, said this disruption gave the company the ability to stand out in the market.

"Any time there's an event, whether it's an economic event or this unprecedented pandemic, it creates a lot of uncertainty in the market," Urquhart-Bradley said. "We've been able to take real-time data and technology and create a product for answers for clients that some of our competitors cannot do, most of our competitors cannot do." 

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