SPOKANE, Wash. — The City of Spokane’s Community and Economic Development Division introduced a proposal at Monday’s Urban Experience Committee meeting, asking council to approve funding for affordable housing projects within the West Quadrant Tax Increment Financing (TIF) District.
A TIF district is a key economic development tool designed to support public infrastructure and neighborhood revitalization. The city says these districts work by directing extra property tax revenue generated by new developments, such as Kendall Yards, toward public projects in bordering neighborhoods.
“TIF funding is a creative and forward-thinking tool that allows us to reinvest in our neighborhoods. By directing these funds into permanently affordable housing, we will ensure the benefits of revitalization are shared, creating inclusive communities where people can afford to live for years to come,” Mayor Lisa Brown said…