A plan to re-shape some forgotten areas of Sherman is seeing renewed success in the past year.
The Reinvestment Zone came to life more than three years ago. The goal was to encourage new home and building construction in older neighborhoods of the city. For instance, in the 100 block of West Lake Street, four new homes are being built, after no new construction for decades.
The tax abatement program exempts home builders from city taxes for six years if they build inside a revitalization zone. That zone covers most of the city that is east of Highway 75 and south of Highway 82.
The abatement is there to give older neighborhoods a shot in the arm and keep property values from falling.
City leaders say it’s also good for builders because the infrastructure is already in place.
The city council is considering approval for five more of these tax exempt homes at this Monday’s meeting.
Builders we talked to say the need for affordable housing with all the new business in the area is why the program has begun to take off.