The Rouse Company , founded by Hunter Moss and James W. Rouse in 1939, was a publicly held shopping mall and community developer from 1956 until 2004, when General Growth Properties (GGP) purchased the company.
94-614: The Moss-Rouse Company was founded as a FHA mortgage company with a loan from Hunter Moss's sister. Rouse leveraged his knowledge as loan guarantee specialist at the Federal Housing Administration to establish a Baltimore-based mortgage company specializing in FHA backed loans. Moss-Rouse hired a World War Two Navy friend, Churchill G. Carey from Connecticut General, who in turn provided capital for future projects. Carey would hold positions ranging from president to CEO of
188-660: A Spanish language magazine that covers The Woodlands, as well as the Montgomery County Hispanic Chamber of Commerce. Many churches in The Woodlands area have some services in Spanish. In 2000, there were 55,649 people, 19,881 households, and 15,546 families. The population density was 2,328.4 inhabitants per square mile (899.0/km ).There were 21,014 housing units at an average density of 897.7 per square mile (346.6/km ). The racial makeup
282-512: A 7.5% interest in the Rouse Company. He was the creator of "The Shrink", a method where an investor buys an interest in a company, then orders stock buy-backs to make the interest more valuable. Schuer died the day after the purchase, and Trizec Properties then acquired the shares and bought a 25% stake. In 1986, the company attempted to purchase a majority share. In 1985, The Rouse Company absorbed all of Connecticut General's interests in
376-465: A 7.5-acre (30,000 m ) tract from The Woodlands Land Company, to build a 800,000-square-foot (74,000 m ), 32-story headquarters building, to open in mid-2002. As of 2000, the Anadarko building was the largest office project in The Woodlands. In January 2012, Anadarko announced the imminent construction of a sister tower on site, 31 stories high, of which ten will be for parking. According to
470-458: A Federal Housing Commissioner who concurrently held the position of Assistant Secretary. This Commissioner would be responsible for both FHA-specific functions and the administration of other HUD programs related to the private mortgage market. While the FHA and HUD share some commonalities, they also exhibit differences in their roles and responsibilities. The designated Commissioner would assume authority over all departmental programs pertaining to
564-477: A Hindu temple serving the northern part of Greater Houston , was scheduled to open in 2010. Another Hindu temple, Char Dham Hindu Temple, was founded by Surya Sahoo. Masjid al-Ansaar (Woodlands Islamic Center) of the Islamic Society of Greater Houston (ISGH) was created in 2009, and in 2019 it had 300 parishioners. It is in an unincorporated area outside of The Woodlands. As of 2017 about 10% of
658-588: A Special Award for Excellence in 1994 from the Urban Land Institute . The area that is now The Woodlands was used by the Akokisa and Bidai peoples, who relied on the fresh water of Spring Creek . In 1984, construction in the Indian Springs neighborhood near the creek discovered Bidai artifacts. The Woodlands was conceived after the oil industry investor George P. Mitchell attended
752-426: A distinguished landscape architect, teacher and author of the seminal work Design With Nature . In 2012, the U.S. Census Bureau designated the area around The Woodlands and Conroe as a "large urbanized transit area", defined as having over 200,000 residents, making it eligible to receive federal transportation funds. Mitchell's original plan was for The Woodlands to be annexed by the city of Houston. However, as
846-419: A house with a mere ten percent down payment, with the remaining ninety percent financed through a 25-year, self-amortizing, FHA-insured mortgage loan. Following World War II , the FHA played a pivotal role in financing homes for returning white veterans and the families of white soldiers. Its assistance extended to the purchase of both single-family and multifamily homes. During the 1950s, 1960s, and 1970s,
940-435: A household according to the 2020 census was $ 130,011. The per capita income is $ 67,290. About 3.9% of the population were below the poverty line. 97.8% of residents 25 years or older are high school graduates or higher. 64.3% of residents 25 years or older have a bachelor’s degree or higher. As of 2016 , there were almost 50 centers of worship in The Woodlands, occupying a total of 330 acres (130 ha) of land. As of 2011,
1034-479: A particular focus on individuals with low to moderate incomes and those embarking on their first home purchase. Furthermore, the FHA lends its support to the construction of both affordable and market-rate rental properties, along with the establishment of hospitals and residential care facilities, not only in communities throughout the United States but also in its territories . It's important to distinguish
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#17327729167661128-460: A population of 114,436 people. In 2021, The Howard Hughes Corporation estimated the population of The Woodlands was 119,000. The United States Census Bureau defines an urban area separate from the Houston urban area with The Woodlands as a principal city: The Woodlands– Conroe , TX urban area had a 2020 population of 402,454, making it the 103rd largest in the United States . The Woodlands
1222-446: A predetermined maximum limit. Among these criteria, the two most pivotal were "Relative Economic Stability," accounting for 40% of the appraisal value, and "protection from adverse influences," contributing an additional 20%. In 1935, the FHA furnished its appraisers with an Underwriting Manual, which included the following directive: "If a neighborhood is to retain stability it is necessary that properties shall continue to be occupied by
1316-571: A press release from the company, site work had already begun and construction of the tower would be complete by 2014. The building is at the corner of Woodloch Forest Dr and Lake Robbins Dr. With its completed sister tower, Hackett Tower is the tallest building in Montgomery County and between Houston and Dallas. Chicago Bridge & Iron 's (CB&I) worldwide administrative office was in The Woodlands. In 2018 McDermott International , which acquired CB&I, announced that it would sell
1410-585: A range of residential properties from single family to estates. The Town Center includes shopping and eating facilities, corporate offices, and a waterway modeled after the San Antonio River Walk . The Research Forest district includes a Park and Ride facility and The Woodlands Township Town Hall. The Woodlands has a humid subtropical climate, typical to the Southeast Texas region and Greater Houston . Temperature ranges are within
1504-483: A role in inflating the United States housing bubble , which ultimately led to the subprime mortgage crisis and nearly caused the collapse of the housing market. Following the subprime mortgage crisis , The FHA, in conjunction with Fannie Mae and Freddie Mac , emerged as a substantial provider of mortgage financing in the United States. Notably, the proportion of home purchases funded through FHA mortgages saw
1598-468: A strong incentive to steer borrowers towards these subprime products, even when these borrowers qualified for FHA loans, which were considered safer. As the subprime mortgage market experienced significant growth, the FHA's share of the mortgage market declined. For instance, in 2001, FHA-insured loans accounted for 14% of home-purchase mortgages. However, by 2005, this percentage had dropped to less than 3%. The surge in these unregulated subprime loans played
1692-563: A substantial increase, rising from a mere 2 percent to over one-third of all mortgages in the United States. This growth was in response to a contraction in conventional mortgage lending during a credit crunch period. By the year 2011, the FHA was responsible for backing approximately 40% of all home purchase loans in America. Since the year 2008, the FHA has supported more than 4 million loans and facilitated mortgage refinancing for 2.6 million families, resulting in reduced monthly payments. With
1786-455: A substantial number of homes being foreclosed upon, which, in turn, precipitated a sharp decline in the housing market. Banks, in the process of foreclosure , acquired the collateral in the form of foreclosed homes. However, the depressed property values at that time meant that these assets had limited value. In response to these challenges, a comprehensive restructuring of the federal banking system took place in 1934. This overhaul culminated in
1880-691: A symposium by the Rouse Company subsidiary American City Corporation and developer of Columbia, Maryland , on how to develop new towns using the HUD Title VII program. It was dedicated by George P. Mitchell in 1974 and managed by The Woodlands Corporation as an extension of Mitchell Energy & Development. Mitchell, an oil businessman, planned to establish a conference center, hotels, office parks, retail malls, schools, large distribution centers, and golf courses. Houses would range from moderately priced to expensive and large. Bill Schadewald of
1974-606: A ten-minute walk of a park. The areas surrounding Spring Creek are protected as part of the George Mitchell Nature Preserve, a section of the larger Spring Creek Greenway, the "longest, connected, urban forested corridor in the nation." The northern part of the CDP borders on the W. Goodrich Jones State Forest. This forest, managed by the Texas A&;M Forest Service , serves as a vital habitat for
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#17327729167662068-576: Is a special-purpose district created by the 73rd Texas Legislature in 1993, and is run by a seven-member board of directors who are elected directly by the residents of the township in an at large election, for two year staggered terms. Even though The Woodlands is not a city nor a traditional township government, it still provides limited municipal government services such as trash pickup, parks and recreation, covenant enforcement, fire and rescue services, streetscaping, economic development, and enhanced law enforcement and security patrols. Most students in
2162-537: Is affiliated with Reform Judaism . Its affiliated organizations are the Association of Reformed Congregations and the Union of American Hebrew Congregations . Chabad of The Woodlands was established in 2011 by Rabbi Mendel and Leah Blecher. It is a branch of the worldwide Chabad Lubavitch movement, offering traditional-style services to contemporary Jewish families. Chabad of The Woodlands inaugurated and sponsors
2256-475: Is in a heavily forested area, and much of the community has retained trees for shade and decoration. The terrain is essentially flat, with the exception of topographic variations ranging from 125 to 175 feet above sea level between Spring Creek and Flintridge Drive. The Woodlands is organized into eight villages , which are subdivided into neighborhoods. Each village features varying amenities including parks, hike and bike trails, golfing, commercial centers, and
2350-429: Is located 28 miles (45 km) north of Houston along Interstate 45 . Though it began as an exurban development and a bedroom community , it has also attracted corporations and has several corporate campuses, most notably Occidental Petroleum Corporation , Chevron Phillips Chemical , Huntsman Corporation , Woodforest National Bank , Baker Hughes , McKesson Specialty Health , and Halliburton . The community won
2444-680: The Houston Business Journal said that Mitchell wanted the development to "entice city slickers looking for far-flung suburban quality of life". Schadewald said that local sources stated that the HUD New Town program , a federally funded program, had a "low survival rate" and questioned whether The Woodlands would succeed. The Woodlands Corporation was acquired on July 31, 1997, by a partnership between Morgan Stanley and Crescent Real Estate Equities. In December 2003, Rouse Company acquired Crescent's interest, and Rouse
2538-721: The Department of Housing and Urban Development (HUD), is a United States government agency founded by President Franklin Delano Roosevelt , established in part by the National Housing Act of 1934 . Its primary function is to provide insurance for mortgages originated by private lenders for various types of properties, including single-family homes, multifamily rental properties, hospitals, and residential care facilities. FHA mortgage insurance serves to safeguard these private lenders from financial losses. In
2632-539: The Mexican Drug War occurred. By 2006 the numbers of middle and upper class Hispanics and Latinos, including Mexican nationals, increased. Some of the residents were assigned to Houston by their companies. Some of them moved to The Woodlands to escape increased crime and political tensions from the Mexican presidential election and find better schools for their children. At the 2013–2014 school year, 22% of
2726-611: The Trump Administration 's attitudes towards immigration and the decline in value of the Mexican peso were factors. By 2000, a significant amount of corporate office space was under construction. Of the 4,800,000 square feet (450,000 m ) of office space under construction in Greater Houston , over one third was in The Woodlands. On February 11, 1999, Anadarko Petroleum announced that it would purchase
2820-547: The U.S. state of Texas in the Houston–The Woodlands–Sugar Land metropolitan statistical area. The Woodlands is primarily located in Montgomery County , with portions extending into Harris County . The Woodlands is governed by The Woodlands Township, an organization that provides municipal services and is administered by an elected board of directors. As of the 2020 U.S. Census, the township had
2914-569: The loan-to-value (LTV) ratios for these mortgages generally remained below sixty percent. This situation posed a significant obstacle for many working and middle-class families, rendering home ownership financially unattainable. During the banking crisis of the 1930s, all lenders were compelled to call in their outstanding mortgages, leaving no room for refinancing . Consequently, numerous borrowers, who were now unemployed and grappling with financial hardships, found themselves unable to meet their mortgage obligations. This unfortunate circumstance led to
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3008-450: The 1980s, when economic conditions did not favor increased homeownership, the FHA helped stabilize falling property prices, enabling potential homeowners to secure financing, especially in regions where private mortgage insurers had withdrawn due to economic challenges, such as oil-producing states. The Federal Housing Administration (FHA) has had its most pronounced impact on minority populations and urban areas. In particular, nearly half of
3102-613: The CDP. The racial makeup of The Woodlands in 2020 was 77.3% white (non-Hispanic and Hispanic or Latino), 4.2% Black or African American , 0.1% American Indian and Alaska Native , 6.7% Asian , 0.1% Native Hawaiian and Other Pacific Islander , 9.1% two or more races , 17.9% Hispanic or Latino , and 67.9% white alone, not Hispanic or Latino. As of 2017 about 10% of the residents of The Woodlands were of Mexican origins; they numbered at over 10,000. In 2000, wealthy Mexicans began buying houses in The Woodlands for vacation purposes. Large numbers settled in The Woodlands from 2006 to 2014 as
3196-764: The Conroe School District for specific feeders. Magnolia High School serves pupils residing in May Valley, and Tomball High School serves pupils residing inside the Harris County portion. In 2023 TISD had plans to move middle school grades of the Creekside Village area to Tomball, but parents protested. The district shifted and decided instead to move the fifth grade to an addition at Creekside Park Junior High School. The directors of The Woodlands Township had asked that TISD not move
3290-712: The Cross Keys development, then to the project in Columbia, Maryland in December 1969. Its community projects include the Village of Cross Keys in Baltimore and the planned communities of Columbia, Maryland (where it was headquartered), Bridgeland Community, Texas , and Summerlin, Nevada . To develop these projects, in 1962 Rouse brought on Bill Finley, who built a planned "company town", Ravenswood, West Virginia ,
3384-618: The FHA from the Federal Housing Finance Agency (FHFA), which oversees government-sponsored enterprises . Presently, the FHA is under the leadership of Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. The Federal Housing Administration (FHA) was under the leadership of the Federal Housing Commissioner Raymond M. Foley from 1945 to 1947. and Franklin D. Richards from 1947-1952. In 1954 Norman P. Mason
3478-406: The FHA played a crucial role in catalyzing the construction of millions of privately owned apartments designed for elderly, handicapped, and lower-income Americans. In the 1970s, amid soaring inflation and energy costs that threatened the viability of numerous private apartment buildings, the FHA's emergency financing provided essential support to financially struggling properties. Additionally, during
3572-547: The FHA was essentially bankrupt. Since its establishment in 1934, the FHA and HUD have collectively provided insurance for nearly 50 million home mortgages. Presently, the FHA holds a portfolio that includes approximately 8.5 million insured single-family mortgages, as well as more than 11,000 insured multifamily mortgages. Additionally, it encompasses over 3,900 mortgages dedicated to hospitals and residential care facilities. A borrower has several options for sourcing their down payment . The 3.5% requirement can be met by using
3666-445: The FHA's appraisal criteria, which stipulated a whites-only occupancy requirement, racial segregation became an integral component of the federal mortgage insurance program. This occurred because the FHA often classified properties in racially mixed neighborhoods or those in close proximity to black neighborhoods as high-risk, effectively endorsing and enforcing racial segregation as an official requirement. In 1938, Congress established
3760-419: The FHA's business in metropolitan areas is concentrated in central cities, a significantly higher proportion than that observed with conventional loans. The FHA has also extended loans to a larger proportion of African Americans , Hispanic Americans , as well as younger borrowers with limited credit, playing a role in the growth of homeownership within these demographic groups. However, as the capital markets in
3854-541: The Federal Housing Administration (FHA) had a significant impact on the housing market in the United States. Homeownership rates experienced a notable increase, rising from 40% in the 1930s to 61% and 65% by 1995. The peak of homeownership was nearly 69% in 2005, coinciding with the height of the US housing bubble. Within just four years of the FHA's inception in 1934, prospective homeowners could secure
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3948-651: The Federal National Mortgage Association, commonly known as Fannie Mae . This creation played a pivotal role in setting up a secondary mortgage market, enabling banks and investors to buy and sell existing home loans. Following the enactment of the Serviceman's Readjustment Act, popularly known as the GI Bill , in 1944, the FHA orchestrated a system of long-term mortgages to facilitate the construction and sale of private homes. Under
4042-698: The GI Bill, the Veteran's Administration introduced a home-loan guarantee program that allowed veterans to make a down payment of only one dollar, making homeownership more accessible to them. These transformative changes contributed significantly to a surge in American homeownership, with the percentage of families residing in owner-occupied homes increasing from 44% to 63% between 1934 and 1972. In 1935, Colonial Village in Arlington County, Virginia ,
4136-616: The Houston area will relocate to the campus starting in 2014, with full occupancy by 2015. Other companies based in The Woodlands include Woodforest National Bank , Lexicon Pharmaceuticals , McKesson Corporation , Tetra Technologies, Rigaku , Cleaning Solutions, Huntsman Corporation , and Kroger Texas. Many wealthy Mexicans who settled in The Woodlands due to rising crime in Mexico had also established businesses in The Woodlands. Cultural events include: Each village in The Woodlands has its own shopping center. The Woodlands Township
4230-475: The Howard Research and Development subsidiary. In 1986, former general manager of Columbia and executive vice president of development Micheal Spear became president as a successor to Rouse. In 1990, Spear died in a crash with his wife and one daughter in his Piper PA-31T Cheyenne attempting a single engine missed approach near Logan International Airport . In 1997, Anthony Deering took over as CEO of
4324-913: The Montgomery County portion attend schools in the Conroe Independent School District . Children residing in the May Valley neighborhood in Sterling Ridge Village attend schools in the Magnolia Independent School District . Children from the Creekside Park Village in Harris County attend the Tomball Independent School District . Montgomery County Memorial Library System operates two libraries in The Woodlands,
4418-633: The South Branch and the George and Cynthia Woods Mitchell Library. Most schools have the honored rank of an exemplary school, the highest school ranking in Texas. Texas students are administered the STAAR test, a review of general knowledge, which can determine students' promotion to the next grade level. The Woodlands High School (TWHS) serves the western portion of The Woodlands in Montgomery County. TWHS
4512-607: The State of Texas and the City of Houston, as Houston held extraterritorial jurisdiction over the area. In 2007, two state legislators representing The Woodlands, Sen. Tommy Williams and Rep. Robert Eissler, introduced two bills that were enacted in the 2007 Legislature – House Bill 4109 and Senate Bill 1012. HB 4109 called for a vote to allow expansion of an existing improvement district (now The Woodlands Township) and to allow The Woodlands to collect sales tax, while SB 1012 allowed for
4606-688: The TownshipFuture PAC. In a referendum on November 2, 2021, residents voted against incorporation by a wide margin, keeping The Woodlands as a township for the foreseeable future. The Woodlands is primarily in Montgomery County , with a small portion in Harris County , bordering Houston . According to the United States Census Bureau , The Woodlands has an area of 43.9 square miles (113.6 km ), of which 43.3 square miles (112.1 km ) are land and 0.58 square miles (1.5 km ), or 1.32%, are water. The Woodlands
4700-562: The United States evolved over the course of several decades, the influence of the FHA waned. By 2006, FHA loans constituted less than 3% of all loans originated in the United States. In the fiscal year 2019, FHA-insured mortgages represented 11.41% of the total dollar volume for single-family residential mortgage originations. Notably, 82.84% of these FHA-insured single-family forward purchase transaction mortgages in fiscal year 2019 were availed by first-time homebuyers. Furthermore, minorities accounted for 36.24% of FHA purchase mortgage borrowers in
4794-541: The United States were in Cincinnati and Cleveland. In 1965, the Federal Housing Administration was integrated into the Department of Housing and Urban Development following the enactment of the Department of Housing and Urban Development Act of 1965. With the integration of the FHA into HUD, it transformed into a distinct entity within the larger HUD framework. Under this arrangement, the FHA would be overseen by
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#17327729167664888-639: The annual Hanukkah on Market Street celebration, and established the first Jewish preschool in the area. In 2011, there were 350 Hindu families in The Woodlands. In a 15-year period ending in 2011, the Hindu population in the Woodlands increased by 300%, and Kate Shellnut of the Houston Chronicle stated that according to "Hindu leaders" every year the Hindu population in The Woodlands grows by 20 to 25 families. The Hindu Temple of The Woodlands ,
4982-410: The borrower's personal funds or by receiving a qualified gift from a family member or another eligible source. FHA insurance payments consist of two components: the upfront mortgage insurance premium (UFMIP) and the annual premium, which is paid monthly and referred to as the mutual mortgage insurance (MMI). The UFMIP is a mandatory payment that can be paid in cash at the time of closing or included in
5076-492: The calendar year 2018, a significant contrast to the 19.94% observed through conventional lending channels. The Federal Housing Administration (FHA) implemented mortgage underwriting standards that had a discriminatory impact on minority neighborhoods. This discriminatory practice is evident in the fact that between 1945 and 1959, African Americans received less than 2 percent of all federally insured home loans. As subsidized mortgage insurance became increasingly significant in
5170-437: The challenges faced by homebuyers, 13% of all buyers and 24% of those under the age of 37 find the down payment requirement to be the most daunting task. On average, the down payment amount is $ 6,624. FHA borrowers have an average debt-to-income ratio of 40.34%, and the typical FHA loan amount is $ 191,650. It's worth noting that a minimum credit score of 580 with a down payment of 3.5% is required to qualify. The establishment of
5264-471: The community developed and grew, there was little support for that idea. In the middle part of the 2000s, some residents organized to prevent any annexation, as had happened to the Kingwood development almost a decade before. To counteract any possible move by the city, a movement began to create an independent city government. However, the formation of an independent government would require authorization by
5358-677: The community is majority Christian . As of 2018 , The Woodlands United Methodist Church had about 13,000 members in its congregation. It was established in 1978. Pastor Kerry Shook established Fellowship of The Woodlands Church, now known as Woodlands Church, in 1993. Its permanent church building opened on August 19, 2001. Church Project, which holds services in a former Kroger , had an average weekly attendance of 1,500 in 2014. As of 2018 Christ Church United Methodist has about 3,000 members. Circa 2012 Covenant United Methodist Church began its worship services at Timber Creek Elementary School, and by 2016 bought 5 acres (2.0 ha) of land near
5452-467: The company. On November 12, 2004, the Rouse Company was sold to General Growth Properties. In 2012, General Growth Properties spun off 30 "class B" malls into Rouse Properties , a new real estate investment trust named after (but otherwise unrelated to) The Rouse Company. Federal Housing Administration The Federal Housing Administration ( FHA ), also known as the Office of Housing within
5546-424: The conclusion of relatively short mortgage terms, typically spanning 5 to 10 years. Moreover, prospective homebuyers were required to make substantial down payments, often ranging from 30% to 50% of the property's value. With the advent of FHA-insured loans, the down payment requirement was significantly reduced, with borrowers now only needing to provide as little as 10% down. Furthermore, the mortgage repayment period
5640-462: The creation of regional agreements between governments. The passage of these bills allows an opportunity for The Woodlands to incorporate itself until 2057. Since 2019, there has been formal discussion of The Woodlands to become an incorporated city. However, as a result of the ongoing COVID-19 pandemic , these plans were put on hold and resumed in April 2021. In 2020, residents of The Woodlands formed
5734-405: The duration of MIP payments is determined by factors including loan term, LTV ratio, and previous payment history. The upfront mortgage insurance premium (UFMIP) is a fixed 1.75% of the base loan amount and is mandatory, payable in cash at closing or financed into the loan. These MIP payments are a fundamental component of FHA mortgage insurance, serving to protect lenders from potential losses. In
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#17327729167665828-406: The enactment of the National Housing Act of 1934 , which gave rise to the Federal Housing Administration (FHA). The FHA was established with the specific aim of regulating the interest rates and terms associated with insured mortgages. Prior to the establishment of the FHA, the prevailing mortgage landscape featured predominantly balloon mortgages, which necessitated substantial lump-sum payments at
5922-434: The endangered red-cockaded woodpecker . The Woodlands first appeared as a census designated place in the 1980 U.S. Census . At the 2010 U.S. census , there were 93,847 people living in The Woodlands. In 2021, its population was estimated at 119,000 per a survey by The Howard Hughes Corporation . According to the 2020 United States census , there were 114,436 people, 41,210 households, and 31,063 families residing in
6016-657: The entrance of Village of Creekside Park for a permanent 700-seat facility. On December 25, 2001, the Korean Community Church in The Woodlands, with Presbyterian Korean-language services and non-denominational English services, opened. It opened to serve ethnic Koreans in The Woodlands, Conroe , Huntsville , Kingwood , and Spring . Other Protestant or non-denominational Christian churches in The Woodlands include HopePointe Anglican Church, Lord of Life Lutheran Church, Trinity Episcopal Church, and Unity of The Woodlands. Saints Simon and Jude Catholic Parish,
6110-414: The event that a property owner defaults on their mortgage, FHA steps in to compensate the lender for the outstanding principal balance . Under this insurance arrangement, lenders assume a diminished level of risk, thereby allowing them to offer a larger number of mortgages. The primary mission of the Federal Housing Administration (FHA) is to facilitate access to reasonably priced mortgage financing, with
6204-624: The first Catholic church in The Woodlands, was established circa 1980, with its 400 parishioners initially meeting at Knox Junior High School before moving into its permanent building in 1981. As of 2013 it had 3,800 families in its congregation. St. Anthony of Padua, another Catholic church, had 3,020 families in its congregation in 2006, and 5,700 families in its congregation in 2013. It operates St. Anthony of Padua Catholic School. There are two Jewish places of worship, traditional and reformed. Congregation Beth Shalom, established circa 1984 led by Rabbi Edwin C. Goldberg, has about 175 families, and
6298-682: The former assistant attorney general of Maryland, Mathias J. DeVito , left the Rouse-owned legal firm of DLA Piper to replace James W. Rouse as President of the Rouse Company, and Rouse became Chairman. DeVito cut staff from 1,700 to 500 to keep the company afloat in 1975. In 1974, the Columbia development got a political boost as the population of Columbia supported a slate of at-large council candidates with Columbia interests, including Ruth U. Keeton , Lloyd Knowles, and Columbia's city manager, Richard L. Anderson. In 1979, Simon H. Schuer acquired
6392-543: The headquarters facility in The Woodlands to Howard Hughes Corporation . In 2000, work began on a 100,000 square feet (9,300 m ) building for Maersk Sealand . In 2011, ExxonMobil announced plans to construct a new complex on a 385-acre plot of land near the intersection of the Hardy Toll Road and Interstate 45 , which is in the Houston ETJ and might be annexed by Houston. About 10,000 employees in
6486-400: The housing market, property values in minority neighborhoods within inner cities experienced a sharp decline. Additionally, approval rates for mortgage loans among minority applicants remained exceedingly low. Beginning in 1935, the FHA instituted guidelines designed to discourage private mortgage investors from extending loans to properties in minority areas. This practice, known as redlining ,
6580-433: The loan amount. The annual Mortgage Insurance Premium (MIP) for FHA-insured mortgages varies depending on factors such as the base loan amount, loan-to-value (LTV) ratio, and loan term. For a typical 30-year mortgage, the annual MIP rate ranges from 0.80% to 1.05%. Homebuyers who opt for a 15-year mortgage experience lower MIP rates, ranging from 0.45% to 0.95%. For loans with FHA Case Numbers assigned on or after June 3, 2013,
6674-419: The mortgage company subsidiary. In 1952-1953 the company built one of the first modern architecture office buildings on Saratoga Street in Baltimore, while also dropping its commercial lending business line. Jim Rouse hired his brother, Willard Rouse II , in 1952, and partner, Hunter Moss, phased out of operations, selling his shares of the company, while remaining temporarily on the board of directors. The firm
6768-467: The pool of white Americans who could manage both the initial down payment for a house and the ongoing monthly mortgage payments. Consequently, this expansion significantly enlarged the market for single-family homes. The FHA employed a specific methodology for assessing the appraisal value of properties, relying on eight distinct criteria. It instructed its agents, known as "appraisers," to allocate more funding to projects with higher appraised values, up to
6862-481: The present day, approximately 46% of first-time homebuyers in the United States utilize FHA loans for their home purchases. Notably, 1 in 16 FHA loan borrowers maintains a credit score below 600, while the average credit score among first-time FHA loan borrowers stands at 677. These first-time homebuyers account for 82% of all FHA purchase loans. Additionally, 23% of all homebuyers opt for an FHA loan, with 28% of those aged 37 or younger choosing this financing option. Among
6956-560: The private mortgage market, in addition to their dual roles as Assistant Secretary and head of the FHA. The FHA and HUD both help borrowers with bad credit and insufficient down payment to be able to buy or repair a house. In the late 1990s, a new category of mortgage products known as subprime mortgages emerged and began to compete with the traditional mortgages that were financed by the FHA. These subprime products were often poorly underwritten, if they were underwritten at all, and offered higher profits for lenders. Consequently, lenders had
7050-432: The private subprime market, many of the riskiest buyers borrowed from the FHA instead, exposing the FHA to substantial potential losses. At the time, these possible losses were estimate as up to $ 100 billion. The troubled loans weighed heavily on the FHA's capital reserve fund, which by early 2012 had fallen below its congressionally mandated minimum of 2%, in contrast to more than 6% two years earlier. By November 2012,
7144-483: The project back to Rouse for $ 120 million at a net loss. Rouse created the subsidiary company The American City Corporation to take advantage of the National Urban Policy and New Community Development Act of 1970 , A HUD program which granted developers incentives and loans to build Title VII "New Towns" with mandatory percentages of low income housing projects. Rouse's former ACTION member, Leo Molinaro
7238-465: The residents of The Woodlands were of Mexican origins; they numbered at over 10,000. In 2000 wealthy Mexicans began buying houses in The Woodlands for vacation purposes. Large numbers settled in The Woodlands from 2006 to 2014 as the Mexican Drug War occurred. In 2017 many wealthy Mexicans in Texas were moving back to Mexico and fewer were moving to The Woodlands. The Rice University Baker Institute director, Tony Payán, stated that uncertainty regarding
7332-407: The same social and racial classes. A change in social or racial occupancy generally leads to instability and a reduction of values." Appraisers were further instructed to assign superior property and zoning ratings in areas deemed to have "protection against some adverse influences." The manual characterized these adverse influences as "infiltration by inharmonious racial or nationality groups." Due to
7426-609: The students at Conroe Independent School District elementary and junior high schools in The Woodlands were Hispanic or Latin American. This was an increase from 10.5% in the 2005–2006 school year, and the percentages grew particularly in Glen Loch, Lamar, and Tough elementary schools. The 2013-2014 percentage in Conroe ISD schools in The Woodlands was below the overall Conroe ISD Hispanic average of 34.2%. The Hispanic and Latin American community has Viva! The Woodlands Magazine ,
7520-469: The top decile for census-designated places in the United States. Winter daily highs average approximately 60 degrees Fahrenheit (15C), daily lows 40 degrees Fahrenheit (4C); summer daily highs average 94 degrees Fahrenheit (34C), daily lows 72 (22C) degrees Fahrenheit. It is part of Wind Zone 2 per the FEMA mapping chart. The Woodlands has 151 urban parks within its boundaries, with all residents being within
7614-424: Was 65 years of age or older. The average household size was 2.78 and the average family size was 3.21. At the 2000 U.S. census , 31.8% were under the age of 18, 5.0% from 18 to 24, 30.5% from 25 to 44, 25.1% from 45 to 64, and 7.6% were 65 years of age or older. The median age was 37 years. For every 100 females, there were 92.9 males; for every 100 females age 18 and over there were 88.5 males. The median income for
7708-528: Was 92.36% White, 1.75% Black, 0.29% Native American, 2.80% Asian, 0.05% Pacific Islander, 1.43% from other races, and 1.32% from two or more races. Hispanic or Latino of any race were 28% of the population. There were 19,881 households, out of which 47.1% had children under the age of 18 living with them, 69.2% were married couples living together, 7.2% had a female householder with no husband present, and 21.8% were non-families. 19.1% of all households were made up of individuals, and 7.3% had someone living alone who
7802-663: Was a former planner with the National Capital Planning Commission proposing planned cities, and was a proponent of public-private partnerships. Columbia Research and Development was founded as a public company and Howard Research and Development was formed as a Rouse subsidiary in 1956 to raise capital for four mall projects and later to facilitate the Columbia Project with Connecticut General and Chase Manhattan as stakeholder with interest deferred loans. In 1966 The James W Rouse Company
7896-626: Was appointed as the Federal Housing Commissioner. Amid the Great Depression , a period marked by numerous bank failures , there was a substantial decline in both the availability of home loans and the rate of home ownership. During this era, the majority of home mortgages were characterized by short-term durations, typically spanning from three to five years. These mortgages lacked amortization features and often featured balloon payment structures . Additionally,
7990-788: Was bought by General Growth Properties on November 12, 2004. In 2011, The Woodlands was sold to the Howard Hughes Development Corporation. The land was previously occupied by the Grogan-Cochran Lumber Mill, hence Grogan's Mill and Cochran's Crossing neighborhoods, called "villages". The original planning utilized many of the planning concepts and design consultants employed in other well-regarded new communities of that era such as Columbia, Maryland , Irvine Ranch, California , and Reston, Virginia . The original development plan included environmental design principles espoused by Ian McHarg ,
8084-552: Was extended, spanning from 20 to 30 years. In 1934, following its establishment, the FHA enlisted the expertise of Homer Hoyt as Chief Land Economist. His role was pivotal in formulating the initial underwriting criteria for FHA-insured mortgages, a process that ultimately led to the development of the Redlining policy. It is important to note that these innovative lending practices were, in some regions, exclusively available to white Americans. These practices effectively expanded
8178-617: Was given its own postal office, the American Cities Station in 1977. The Columbia development was marketed as a progressive community for all races. In 1971, the company responded to pressure from the NAACP that the company was absent of African Americans at all management levels and its businesses in Columbia were predominantly white owned. The company responded with an affirmative action program in November 1971. In 1973,
8272-526: Was made illegal by the Fair Housing Act of 1968 . Redlining has had long-lasting effects on minority communities. The legacy of redlining continues to exert its influence today in certain regions of the United States. Redlining has had a detrimental impact on the contemporary wealth gap between African Americans and White Americans. Woodlands, Texas The Woodlands is a special-purpose district and census-designated place (CDP) in
8366-430: Was ranked 626 on Newsweek 's 2012 list of America's Best High Schools. The Woodlands College Park High School , which opened in 2005, serves the eastern portion of The Woodlands in Montgomery County. TWCP was ranked 382 on Newsweek 's 2012 list of America's Best High Schools. College Park is also home to the Conroe ISD Academy of Science and Technology , a science and technology based magnet program. Refer to
8460-601: Was renamed The Rouse Company . The company has been credited as the pioneer of the first successful food court in an enclosed shopping mall, when the food court at the Sherway Mall in Toronto opened in 1971. It followed an unsuccessful attempt at the Plymouth Meeting Mall in 1968, which reportedly failed because it was "deemed too small and insufficiently varied." The company moved its headquarters to
8554-951: Was renamed the James W. Rouse & Company, Inc. , with Rouse owning 50% equity, his brother, Willard, 10%, and 40%, to company officers. The James W. Rouse Company built some of the first enclosed shopping malls, and it pioneered the development of festival marketplaces , such as Jacksonville Landing in Jacksonville , Faneuil Hall in Boston , South Street Seaport in New York City , Harborplace in Baltimore , and Bayside Marketplace in Miami . They also developed The Shops at National Place in downtown Washington, D.C. that opened in 1984–85. On 20 June 1966, The James W. Rouse Company
8648-505: Was restructured as the Rouse Company, adding Howard Research and Development (HRD) as a separate entity shielded Rouse Corporation from debt liability of the Columbia development. HRD lost money, with new rules affecting the parent company as well. In 1974, HRD was refinanced. Columbia Development Corporation was formed a subsidiary of HRD using subcontracted Rouse Company employees. In 1985 CIGNA (Connecticut General) divested its interest in HRD and
8742-611: Was selected to run the subdivision. The symposiums held by the company gathered together investors like George Mitchell, who would go on to develop Woodlands, Texas using the Columbia model. The subsidiary was based at "Two Wincopin" in the second office building in built in Columbia in 1968. It was renamed the American City Building, using the subsidiary to lease the empty space and develop the system of Public-Private partnerships that Rouse would use worldwide to minimize risk in developments using public debt. The business
8836-647: Was the first large-scale, rental housing project erected in the United States that was Federal Housing Administration-insured. During World War II, the FHA financed a number of worker's housing projects including the Kensington Gardens Apartment Complex in Buffalo, New York . During the Great Depression, Ohio Cities used federal government funds for building housing projects and first two of those projects completed in
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