City Council Approves $50 Million in Tax Breaks for NoMa
Construction in NoMa by cristinabe
On Tuesday, the DC City Council approved $50 million in tax breaks for developers in NoMa to help jump start residential construction in the area, the Washington Business Journal reports.
The tax breaks are good over the next ten years in the section of the city just north of Massachusetts Avenue above Union Station. In addition to the tax breaks for developers, the council also passed similar concessions for companies along Seventh Street SE at Eastern Market, and on H Street NE, two areas where a good deal of “infrastructure improvements” are disrupting business.
From the Journal:
“At one point, NoMa was on track to get more than 8,000 new residential units by 2012, but the developers behind those projects stopped or dramatically slowed their plans when the recession hit. The tax breaks could encourage major residential projects by Archstone, Camden Property Trust, Trammell Crow Co. and other developers.”
This article originally published at https://dc.urbanturf.com/articles/blog/city_council_approves_50_million_in_tax_breaks_for_noma/769.
Most Popular... This Week • Last 30 Days • Ever
A Cathedral Heights condominium—located on Cathedral Avenue—with outstanding buil... read »
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
- Two Bedrooms with Two Balconies on the Market in Amenity-Packed Cathedral Heights Condominium
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro