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 for more info and 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.
The utilization of existing infrastructure is essential to our community's economic health. Any projects (residential or commercial) locating or expanding within the GFC Fee Waiver target area needing new or upsized Water, Sewer, or Fire taps will automatically have a portion of the fees waived when paying for those tap permits—no application needed. Projects can save between $1,200 and $50,000 in water connection costs and between $2,400 and $99,000 in sewer costs depending upon the size of service connection needed.
With the need for Multi-Family housing so high, the City has an incentive for converting a commercial structure to multi-family use. Within the Commercial Rate Clarification target area, those conversions qualify for significant operating savings on its utility bills. A 10-unit commercial to residential conversion project can net approximately $6,400 in annual utility rate savings. Please complete an application and submit it with your building permit.
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.
If you need local assistance with your NMTC investment, please reach out to Steve MacDonald, 509.625.6597, email@example.com.
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.
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.
Contact Teri Stripes,
Economic Development Specialist at: