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About TIRZ 24
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About HCRDA
About TIRZ 24
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Who We Are
TIRZ 24
Tax Increment Reinvestment Zones (TIRZs) are created to attract new investment in an area. TIRZs are created under Chapter 311 of the Texas Tax Code, which enables both cities and counties to create zones. These zones help finance costs of redevelopment and promote growth in areas that would otherwise not attract sufficient market development in a timely manner. Taxes attributable to new improvements (tax increments) are set aside in a fund to finance public improvements within the boundaries of the zone.
In 2012, the Houston City Council created TIRZ 24, the Greater Houston TIRZ led by Harris County, to finance infrastructure costs, housing redevelopment and other public improvements in the zone. As development or redevelopment occurs, the appraised value of the property in the zone should increase, resulting in new real property tax revenues for the taxing jurisdiction (the TIRZ). The captured increment is leveraged to accelerate infrastructure growth in the zone, where 3,745 acres is vacant or underdeveloped.
The TIRZ 24 Budget is managed by an 11-member Board of Directors appointed by Harris County Commissioners Court.
TIRZ Formation and Plan Documents:
The popular Toyota Center, home to the Houston Rockets and many major events, is located in TIRZ 24's Central Business District (CBD) East Downtown Sector.
The Redevelopment of TIRZ 24
TIRZ 24 is used to stimulate and revitalize vacant, undeveloped or underdeveloped areas within the zone over a current 30-year period ending December 31, 2042. TIRZ 24 will be eligible to extend the life of the zone in 2025 per the City of Houston’s current TIRZ Policy. The County and City benefits of a TIRZ include:
Revitalization of the area within the zone due to lack of available water, sewer drainage and roadway access.
Increased real property tax growth revenues (once the infrastructure is implemented) will facilitate new real estate development opportunities. The proximity of TIRZ 24 to the Texas Medical Center (TMC), NRG Stadium and the Houston Museum District creates an opportunity for a major master-planned development located in the Southern Sector of TIRZ 24. This new infrastructure will facilitate the development of this vacant and underdeveloped acreage. The new real property valuation increases will benefit all taxing jurisdictions in Harris County.
New housing opportunities exist today with the recent update to the Kinder Housing Study. An estimated 20,000 new affordable housing units are needed to meet new population increases in the region. These new affordable housing units are in addition to the current 45,000 dwelling units (both multifamily and single-family) being built by the private sector. TIRZ 24 and HCRDA will be working hand in hand with private sector partners as well as not-for-profit partners to facilitate new development housing options for this area.
As the life sciences and biomanufacturing industries expand, market rate housing options must be facilitated to improve housing options and address air quality issues Houston faces as a non-attainment area. The TMC currently employs an estimated 150,000 people per day, yet many of those employees live in Brazoria or Fort Bend County. Providing options for master planned developments within the City of Houston/Harris County will facilitate public benefits like reduced commuter patterns, new affordable housing options for TMC industries and expansion of the TMC to the southern sector, once infrastructure capacity can be constructed.
New biomanufacturing will create jobs across multiple employment categories. Short-term benefits include construction jobs to build infrastructure and facilities. Long-term job opportunities will include high-wage opportunities that don’t necessarily require an undergraduate degree. The TMC is partnering with the community colleges in the region to provide curriculums that will foster the growth and expansion of the biomedical industries in addition to medical research and higher education programs.
Chapter 311 of the Tax Code governs expenditures of the TIRZ. The tax increment collected in a TIRZ is primarily used for infrastructure which can support development that is specifically beneficial to businesses in the zone in the short-term. It also has the long-term benefit of infrastructure development for the entire region.
Harris County, in partnership with TIRZ 24, has positioned itself to harness tools that complement local, state and federal programs that can be used synergistically to achieve the County’s vision and goals. These tools provide the County with the ability to leverage partnerships, accelerate the delivery of new communities and expand on land uses in partnerships with multiple County assets, including public and private partnerships with the City of Houston, METRO, TXDOT, Harris County Housing & Finance Corporation and other public entities.
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