The Fort Worth City Council will decide Tuesday whether to approve a tax break for an apartment complex south of downtown.
Alabama-based developer LIV Development proposes to build a 357-unit complex at 3320 Hemphill St. just south of Berry Street. The development will be called “Livano Victory Forest,” and will cost an estimated $72 million, according to city documents.
The development will be made up of five four-story buildings. Around 40 of the units will have garages, and it will include a dog park and pet grooming facility, according to building plans.
Price of rent is unkown. Representatives for LIV Development did not respond to an email and phone call from the Star-Telegram requesting information on the project.
LIV Development’s closest property to Fort Worth in Celina has apartments ranging from $1,445 per month to $2,389 per month.
The tax break comes from Fort Worth’s Neighborhood Empowerment Zone program, which is meant to promote affordable housing and economic development in the central city. Anyone building a house, apartment complex or commercial development can apply to get certain city fees waived and have their city property taxes abated for five years.
Developers building multifamily projects are required to set aside at least 10% of the units for affordable housing or pay an annual $200 per unit fee to the city’s housing finance corporation while their taxes are being abated.
LIV Development is opting for the second option, and will pay $357,000 to the city’s housing finance corporation rather than setting aside units for affordable housing.
In return, the city estimates it will abate $2.6 million in city property taxes over fives starting in January 2025.
“Maintaining and increasing affordability are key goals for the city,” said Chad LaRoque, who manages housing development and grant for the city’s neighborhood services department.
He pointed to the 100% affordable Tobias Place development where all units will be subsidized to keep rents between $385 per month to $1,100 per month. It’s at West Biddison Street and South Jennings Avenue, roughly a stone’s throw from Livano Victory Forest.
This proximity could be the reason why LIV Development is opting to pay the city rather than set aside units for affordable housing.
Texas law prohibits applications for new affordable housing tax credits if there’s another tax credited property within one linear mile, LaRoque said.
The council will vote on the tax abatement at its 10 a.m. meeting Aug. 22.