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
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
Margarite is a luxury 260-apartment property known for offering rich, high-end reside... read »
The owner of 700 Monroe Street NE filed a map amendment application with DC's Zoning ... read »
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