New designations create opportunities to attract private investment, support economic development.

Erin Hut, Communications Director, ehut@spokanecity.org

Seven census tracts nominated by the City of Spokane were selected by Governor Bob Ferguson for the federal Opportunity Zones 2.0 program.

Opportunity Zones (OZs) are a federal economic development initiative meant to spur investment in low-income communities by providing capital gains tax benefits for investors in projects located in designated census tracts.

The City of Spokane nominated nine census tracts with a focus to leverage recent public investments in infrastructure and planning with market investment and development potential in North Monroe, the North Bank, downtown, South Logan, the University District and East Central. Seven census tracts were selected, which include:

Census Tract	Neighborhood	Council District
53063002000 (20)	Emerson/Garfield, West Central	3
53063002400 (24)	Emerson/Garfield, West Central, Downtown (Riverside)	1, 3
53063002502 (25.02)	Logan, East Central	1, 2
53063003000 (30)	East Central	2
53063003200 (32)	East Central, Cliff Cannon	2
53063003500 (35)	Downtown (Riverside)	1, 3
53063014500 (145)	Chief Garry Park, East Central	1, 2

An additional census tract in the West Plains, which is shared by the City of Spokane and City of Airway Heights, was also selected.

More on TelAve News

• BEC Technologies Introduces MX-320-UT 5G RedCap Router for Utility Grid Modernization
• Vegan Kingz Expands Direct-Import Wholesale Lineup to Help Commercial Kitchens Cut Ingredient Costs
• Acuvance Survey Finds ERP Integration Remains a Key Challenge as Healthcare Organizations Prepare for AI
• Everything Policy Unveils Their Classroom Resources Behind Every Policy Topic
• Constantine "Costa" Kapothanasis II Acquires The Lubri-Loy Company, Carrying a 77-Year-Old American Lubricant Brand Into Its Next Era

Nationally, it is estimated that investments have reached $100 billion across 5,600 low-income neighborhoods from the designations made in the U.S. Opportunity Zones 1.0 program, which formally concludes at the end of this year.

In Spokane, OZs 1.0 spurred investment in multiple projects, including the Ironside Apartments, Boxcar Apartments, Warren Apartments, 508 W. Building, and Koz on West 5th Apartments.

Spokane's census tracts still need to be certified by the U.S. Treasury, which has until December 27, 2026 to do so. OZ 2.0 takes effect for 10 years starting January 1, 2027.

"We have seen the success of the Opportunity Zones 1.0 program here in Spokane and are looking forward to the opportunity these new designations will bring," said Steve MacDonald, Director of Community and Economic Development. "Opportunity Zones 2.0 will bring further investments into Spokane neighborhoods and will support projects that strengthen our local economy."

---

Show All News | Disclaimer | Report Violation