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$40M tax credit program begins
Posted on May 31, 2010
City officials announced Monday that Seattle has launched a $40 million federal New Markets Tax Credit Program to provide low-cost, private financing to spur development in targeted neighborhoods.
The credits will be invested in commercial and mixed-use projects in areas that the federal government has deemed economically distressed. Potential investment areas are parts of North Seattle, downtown, manufacturing and industrial centers, Capitol Hill, the Central District and large swaths of the Rainier Valley.
City officials say the credits will be invested in multiple projects over the next 18 months. Seattle's Office of Economic Development will manage the investment of the credits through a city-created entity, the Seattle Investment Fund LLC.
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