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City Council Approves $50 Million in Tax Breaks for NoMa

  • April 8th 2009

by Mark Wellborn

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City Council Approves $50 Million in Tax Breaks for NoMa: Figure 1
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 http://dc.urbanturf.production.logicbrush.com/articles/blog/city_council_approves_50_million_in_tax_breaks_for_noma/769.

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