Texas Infrastructure Program
2025 Year in Review

While 2025 presented new challenges for homebuilding and land development in Texas, we are proud of the impact the Texas Infrastructure Program made this past year.

In 2025, the Texas Infrastructure Program partnered with a record 22 communities to provide $787 million of cost-effective, non-recourse capital. As demand for this financing solution grows, we continue to enhance our process, ensuring timely execution and consistent, best-in-class results. Since we completed the first MUD receivable financing in Spring of 2021, our team has continued to innovate on the tool. This year, we executed the first-ever TIP refinancing, while also re-leveraging the remaining MUD reimbursements, resulting in additional proceeds and a lower cost of capital. In addition, TIP executed a $129 million financing for a new community in Houston—providing the largest construction fund for a MUD receivable financing to date.

We are thankful for your continued trust in our team and grateful for the community we work in. We look forward to another successful year with all our partners in 2026!

Leaders in MUD Receivable Finance

We are proud to continue leading the industry we pioneered. In 2025, the Texas Infrastructure Program raised $787 million for our clients—nearly surpassing all our competitors, combined. That capital is now fueling growth in 22 communities and supporting over 45,000 new homes across Texas.

2025 Texas Infrastructure Program Transactions

Community & Industry Engagement Across Texas

Throughout 2025, TIP was honored to take part in events that strengthened relationships, supported Texas communities, and advanced industry knowledge across the state.

Sydney Burnett and Nancy Carter presented “New Financing Tools with MUDs” at the Ladies in Land event, helping educate professionals on how TIP’s solutions are shaping today’s development landscape.

We remained active in the communities we serve by partnering with the Houston Food Bank, where our team helped sort 17 pallets (10,000 lbs.) of food, providing more than 8,300 meals to families in need.

TIP also joined in celebrating the Two Step Farm Dance Hall Grand Opening at the Starlight & Spurs event, an evening of live music and fundraising in support of Texas Dance Hall Preservation and the Texas Music Project.

To close out the year, TIP was proud to sponsor the Jimmy Pappas Sporting Clay Shoot, benefiting four Houston-area cancer charities and bringing together partners committed to making a meaningful impact.

Spring 2025 TIP Forum

This year’s TIP Forum brought together more than 150 developers, builders, and industry leaders in Dallas to discuss the market, new legislation impacting development, and trends in special districts.

Save the Date for the TIP Spring 2026 Forum

DATE AND TIME:

April 29th, 2:00PM

LOCATION:

Houston, TX

A New Look for TIP Online

We rolled out updates to the TIP website this year, improving navigation, clarity, and access to Texas Infrastructure Program case studies.

Visit the Website

Contact the TIP Team

You can reply directly to this email or fill out the form on our website.

Michael Libera

SAMCO Capital Markets

Financial Advisor

mlibera@samcocapital.com

(415) 916-6171

Mike Ryan

Piper Sandler
Underwriter

mike.ryan@psc.com

(303) 710-4549

Visit the TIP Website

You’re receiving this email because you have interacted with the Texas Infrastructure Program or work in Texas development, land, infrastructure, or public finance. This message is for informational purposes only and does not constitute an offer or solicitation of securities. All Texas Infrastructure Program financing activities are conducted through authorized partners.
© 2025 Texas Infrastructure Program. All rights reserved.