Five Tacoma Projects Receive $12M in Federal Tax Incentives

TACOMA, WA-Five commercial building projects in Tacoma have been awarded a portion of $12 million in federal tax incentives. The Albers Mill building, Marriott Courtyard hotel, Rainier Pacific Bank building, Ted Brown Music building and Fraternity Hall projects will all receive a portion of the tax credit allocation.

Tacoma is the only place in Puget Sound and one of only 28 urban communities around the country in 2002 to receive a Department of Housing and Urban Development “Renewal Community” designation. The designation makes businesses and developers within the area eligible for a variety of federal tax credits and deductions, including the “Commercial Revitalization Deduction” allocation, which allows property owners to use an accelerated depreciation schedule on their project. Projects in Tacoma will compete each year for a piece of the city’s $12-million allocation.

The RC zone covers most of Tacoma’s Downtown core, the Port area, Upper Tacoma and a portion of the city’s East Side. The RC designation replaces Tacoma’s former HUD “Enterprise Community” designation and is slated to last until Dec. 31, 2009. HUD ranked RC applicants according to their poverty, unemployment and low-income households rates on the 1990 Census.