The City of Seattle’s Office of Economic Development was awarded the authority to allocate federal New Markets Tax Credits on $28 million worth of investments. We are currently considering eligible development projects for allocations of this financing.
New Markets Tax Credits (“NMTCs”) attract private investment to important projects benefiting low-income neighborhoods. These developments and business expansions create healthy, vibrant, mixed-income neighborhoods, and provide residents with job opportunities, quality health care and human services, arts and cultural opportunities, and affordable housing.
The Office of Economic Development has experience using these tax credits in the successful development of prior commercial and business projects, such as: Stadium Place, Retail Lockbox, Bullitt Center, INSCAPE building, and Pike Place Market. You can read more about these previous projects in the press release about this new allocation.
For further details visit the Seattle Investment Fund website where you can determine eligibility, view a map of eligible areas, and submit a project application. Please submit applications by July 18. If you have any questions, you can contact Ken Takahashi at firstname.lastname@example.org or 206-684-8378.