Major milestone for downtown Houston residential met
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 breaks per multifamily unit built downtown.
Now there are 11 projects totaling 2,729 units under construction 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.
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