Major milestone for downtown Houston residential metMajor milestone for downtown Houston residential methttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=115272015-12-16T06:00:00Z2015-12-16T17:00:00Z

​​​​​​​HOUSTON – Developers have finally exhausted the Downtown Living Initiative in 2015, a major milestone for downtown residential development.​​

Two years go, city planners launched a tax incentive program to spur residential development in the city's central business district. Last​ year, city council approved an expansion of the Downtown Living Initiative that doubled the amount of residential units that could receive $15,000 in tax br​eaks per multifamily unit built downtown.

Now there are 11 projects totaling 2,729 units under construct​ion downtown. There are also seven projects totaling​ 2,458 units planned.​

Only 45 units remain before developers hit the 5,000-unit cap, and downtown officials are no longer taking applications for the initiative. ​

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/news/2015/12/15/year-in-review-major-milestone-met-for-residential.html?iana=ind_creRead more at {Source}

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