SPOKANE, Wash. — Seven neighborhoods in Spokane were selected by Governor Bob Ferguson for the federal Opportunity Zones 2.0 program.
According to the city, this is an initiative meant to help incentivize investment in low-income communities by providing tax benefits for investors.
The city nominated nine census tracks for this program. Out of those nine, seven were selected, including areas downtown, in East Central, West Central and Emerson/Garfield.
Another census tract in the West Plains was also selected for this program.
The city says these census tracts still need to be certified by the U.S. Treasury, which has until December 27 to do so. The program will take effect for 10 years starting on January 1 of next year.
The city says the Opportunity Zones 1.0 program helped support investment in multiple projects, including the Ironside Apartments, Boxcar Apartments, Warren Apartments, and more.
“We have seen the success of the Opportunity Zones 1.0 program here in Spokane and are looking forward to the opportunity these new designations will bring,” said Steve MacDonald, Director of Community and Economic Development. “Opportunity Zones 2.0 will bring further investments into Spokane neighborhoods and will support projects that strengthen our local economy.”
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