The Fort Worth City Council has approved a five-year tax abatement plan for the construction of three single-family homes in an effort to make affordable housing more accessible. Cultivated Holdings, LLC, and Cultivated Builders, LLC partnered with the Council to create this initiative. The City of Fort Worth identifies the tax breaks as benefits to future homeowners who choose one of these properties as their primary residence, per the City of Fort Worth.
In order to stimulate improvement in areas such as social services, education, and public safety, the concept of Neighborhood Empowerment Zones (NEZs) has been implemented. NEZs offer significant incentives, including property tax breaks, fee waivers, and lifted city liens, creating a hospitable environment for property development and renewal. Targeting these zones for housing and economic growth can provide substantial benefits to communities that need them.
Three neighborhoods will be included in this initiative, all of which are benefiting from NEZ and Reinvestment Zone Area Six programs: District 8's Historic Southside and Polytechnic Heights and District 11's Handley Neighborhood, according to the City of Fort Worth.
