WASHINGTON, DC-The DC Council has approved plans to award $95 million in new financing to help revitalize certain neighborhoods in the city by supporting the development of destination retail, parking and other infrastructure. Specifically, it has authorized the creation six corridor-based Tax Increment Financing districts in the following areas:

  • Martin Luther King Jr. Ave SE/South Capitol Street; $10 million;
  • H Street NE; $25 million;
  • 7th Street/Georgia Avenue NW; $25 million;
  • Petworth: $10 million;
  • Minnesota-Benning: $15 million; and
  • Pennsylvania Avenue SE: $10 million.

Bonds will provide the initial funding, which will be repaid using a portion of the new property and sales taxes generated by the projects. Retail is a big focus on this particular round of funding as many of the districts has been lagging in developing and attracting tenants.

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