Multi-Family Housing construction is a City priority. Therefore, in targeted areas, new multi-family housing projects: condos, apartments, student housing, and townhomes can qualify for a significant property tax exemption. The Improvement value of the new housing can be exempt from property tax for 8 or 12 years. For example, a 25-unit project can save approximately $300,000 in property tax over 8 years or $450,000 over 12 years. Learn more about this incentive and file an application.
Spokane is the first city in Washington to adopt code enabling use of the Sales and Use Tax Incentive (aka Parking 2 People). To encourage construction of affordable rate housing by incentivizing the redevelopment of underutilized parking lots in the City, the sales and use tax deferral program allows an applicant to defer the standard 9% sales and use tax on all applicable purchases related to their project. Learn more about this incentive and file an application.
Historic Preservation has several government-sponsored incentives available to owners of designated historic properties (commercial and residential) in Spokane City. These incentives are very robust and range from federal tax credits to façade grants. Visit Spokane's Historic Preservation webpage for more info on Investment Tax Credit, Special Valuation, Historic Preservation Façade Improvement Grant Facade/Conservation Easement, Conditional Use Permit, and Building Code Relief.
Wanting to remodel your home, add rooms, add a garage, or an additional dwelling unit (granny flat or apartment above the garage)? You can qualify for a property tax exemption on the value of that new improvement for three-years. More info.
The New Market Tax Credit (NMTC) Program incentivizes community development and economic growth by using tax credits that attract private investment to distressed communities. Spokane has 34 Census Tracts that qualify for NMTC benefits – an online map tool.
Please see CDFI Fund's NMTC Program Fact Sheet (English / Español) for more general program information. A detailed overview of the NMTC Program, including information on eligible activities, can also be found in the presentation's Introduction to the NMTC Program.
Opportunity Zones (OZ's) are a community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments nationwide in low-income and urban communities. The City of Spokane was able to have 11 census tracts designated by the Federal government for qualified Opportunity Zone investment. These census tracks are aligned with our City's Target Investment Economic Development Strategy, our incentives area, and were areas where economic growth is was planned and occurring. IRS Opportunity Zones Frequently Asked Questions.
The City of Spokane Brownfields Program is a program that assists City Departments and qualified private individuals, businesses, and nonprofit organizations to assess and cleanup contaminated sites or Brownfields. This, in turn, achieves greater use of existing land, revitalizes neighborhoods, and drives economic development. Brownfield development is one of the key strategies in the City's Economic Development Strategy. More info.
Local utility provider Avista has resources available for upcoming Clean Buildings Act requirements. These resources include a no-cost energy management program, an energy performance portfolio manager, and legal assistance. Avista has also partnered with the Smart Buildings Center to provide technical assistance and support for project compliance under the Clean Buildings Act. More info.
Spokane is home to three of Washington’s Foreign Trade Zones (FTZ).
If your company imports components for distribution or manufactures finished products that are exported, Washington’s Foreign Trade Zones (FTZ) can offer you a tremendous competitive advantage. Businesses with operations in a FTZ can receive foreign merchandise for storage, assembly, manufacturing and processing without being subject to formal Customs entry procedures, duties and federal excise taxes. More info.
Commercial Property Assessed Clean Energy + Resiliency (C-PACER) is an innovative financing tool for more efficient, resilient commercial and multi-family properties.
Your Economic Development Specialist will work with you to ensure your investment in Spokane is matched with all investment incentives available to your industry or property by connecting you with City, State, and Federal Assistance – contact them today at 509.625.6597 or firstname.lastname@example.org.