New Housing Bill Spells Relief for First-Time Home Buyers, Non-Itemizers
Thu Jul 31, 4:50 PM

KANSAS CITY, Mo.–(BUSINESS WIRE)–President Bush signed into law Wednesday a weighty housing and economic recovery bill designed to encourage homeownership, revamp the housing finance industry and reduce foreclosures.

The Tax Institute at H&R Block reports that the legislation will have a positive impact on taxpayers by making it easier to buy a first home and deduct real property taxes even if homeowners do not itemize.

Refundable tax credit up to $7,500 available to first-time home buyers. (more…)

Formation Development Group Breaks Ground in Houston, Texas. 158 Unit Development to Bring Luxury Senior Living to Cinco Ranch in Katy, Texas.
Formation Development Group |

Houston, TX - Formation Development Group announces the ground breaking of The Solana at Cinco Ranch. When complete in the third quarter of 2009. the project will feature concierge services, mutiple dining venues, a wine bar, and a terrace club activity room, among other amenities. The development of The Solana at Cinco Ranch marks the first time that independent living for seniors, along with assisted living, is being provided in the fast-growing master planned community in West Houston. Its developer, Formation Development Group, says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents.

The Solana at Cinco Ranch will be located at 24001 Cinco Village Center Boulevard in Katy, Texas, next to LaCenterra, Cinco Ranch’s Main Street-styled center of shops, boutiques, and restaurants. It will offer 126 independent living and 32 assisted living rental apartments. (more…)

July 27, 2008, 10:59PM
2008 Houston Chronicle

The Houston-Galveston Area Council will hold five public meetings in August to explain the four new “managed lanes” that will open in October in the middle of the Katy Freeway.

The lanes will be open to high-occupancy vehicles and buses for free during rush hours and to toll-paying drivers at any time. In other places, the arrangement is called High Occupancy Toll, or HOT, lanes.

The meetings start at 6 p.m.:

•Aug. 14: Kendall Branch Library, 14330 Memorial, Houston
•Aug. 19: Katy Elementary School cafeteria, 5726 George Bush, Katy
•Aug. 21: Memorial Church of Christ, 900 Echo, Houston
•Aug. 26: Cinco Ranch Library, 2620 Commercial Center, Katy
•Aug. 28: Heights Branch Library, 1302 Heights Blvd., Houston

Copyright 2008 Houston Chronicle

Katy residents looking to help save the environment by recycling their soda cans and milk jugs have a new location to drop off their materials.

The city has placed a large green-and-yellow container from Abitibi Bowater for aluminum and plastic recycling at the back corner of the Social Services building, 905 Ave. C. Two other containers for paper recycling are also available at the same location.

The city of Katy does not offer curbside recycling, said Jamie Wolman, community specialist for the city’s parks department.

“We are hoping this effort will be an indication of how interested our citizens are in recycling,” said Wolman, adding that the recycling effort is a pilot program.

In addition, residents can now recycle outdated phone books through a partnership between Abitibi, Consolidated Communications, Wal-Mart and Keep Katy Beautiful.

A paper recycler has been placed on the northeast corner of the Katy Mills Wal-Mart parking lot and will be available until Sept. 1.

For information, call 281-391-4726.

HOUSTON — (July 15, 2008) — Despite a tenth consecutive monthly decline in sales, the average and median prices of a single-family home in the greater Houston area soared to record highs in June, according to statistics released by the Houston Association of REALTORS® (HAR). Single-family home sales slid 14.7 percent on a year over year basis. However, the number of closed sales was the highest since last August.

The average price of a single-family home rose by 4.5 percent last month to $228,448, surpassing the previous high of $218,583 in June 2007. The median price of a single-family home rose 1.3 percent last month to $162,000, surpassing its previous high of $160,000, also from last June. (more…)

July 16, 2008, 6:18PM

A new upscale outdoor mall featuring national and local retailers is headed to the Katy area. Simon Property Group, the owners of Katy Mills Mall, is planning to build a 1.1-million-square-foot mall on the north side of the Katy Freeway near the Grand Parkway and Mason Road.

According to plans on the company’s Web site, www.simon.com, the first phase of the mall development will feature an open-air, town center-type of shopping center.

Scheduled to open in 2012, the outdoor mall will include traditional and fashion department stores, big-box stores, specialty retailers and restaurants.

Officials have not said when construction will begin.