LIBERTY COUNTY, Texas – Lawsuits against the Colony Ridge development northeast of Houston have been dismissed after state and federal agencies reached a settlement with the company, but questions remain about what relief, if any, will reach affected homeowners.
Court filings show the U.S. Department of Justice, the Consumer Financial Protection Bureau and the state of Texas dismissed their claims after entering into a settlement agreement with Colony Ridge.
The cases centered on allegations of predatory land sales that left some buyers facing foreclosure.
The agreement includes a $68 million investment into the development aimed at improvements and oversight. It does not include direct compensation for many homeowners who lost their land.
Maria Acevedo, who said she was a main witness in the case, spoke with KPRC 2 by phone.
Acevedo said she is still dealing with the financial impact and is waiting to see whether the agreement will provide any meaningful relief.
KPRC 2 went to the Colony Ridge office seeking answers but was told no one was available for an interview after filling out a request form.
In a statement, Colony Ridge attorney Jason Ray said the lawsuits have been dismissed and the settlement will move forward without oversight from a federal judge. He said the company will administer the agreement while working with state and federal agencies.
Ray said Colony Ridge will offer relief options to some buyers through the agreement, including up to four months of interest-free forbearance for those experiencing financial hardship. He said those payments could be moved to the end of a loan without additional interest.
It remains unclear how many people would qualify for those programs or how the relief would be distributed.
For now, some residents say they are still waiting for answers.