By Staff, Daily Journal of Commerce
City officials yesterday said Seattle received $11 million in federal New Market Tax Credits.
The credits will be invested in commercial and mixed-use projects in areas where the economic need is greatest, as determined by the federal government.
Potential areas are much of the Rainier Valley, parts of Capitol Hill and the Central District, Pioneer Square and the International District, select North Seattle neighborhoods, and manufacturing and industrial centers.
It's the second consecutive annual award of these credits for Seattle. The city has a total of $41 million in remaining tax credit funding.
To date, Seattle has committed $10 million for the second phase of the Pike Place Market redevelopment, financing tenant improvements and temporary relocation assistance for small businesses affected by the renovations.