This page lists selected economic development funding sources and financial assistance programs for local governments in Washington State, including state and federal sources and the New Markets Tax Credit.
Washington Fund Directory
The Washington Fund Directory, created by the State Treasurer's Office, provides a centralized online database listing state grants and loans to local governments, nonprofits, tribes, and other entities. There are listings for many different project types including economic development, transportation, housing, environment, infrastructure, and more.
Other State Funding Resources
Federal Funding Resources
New Markets Tax Credit Program
The New Markets Tax Credit (NMTC) Program provides a 7-year federal tax credit for qualified investments into certified Community Development Entities (CDEs). CDEs, which may be formed by local governments, use the investment proceeds to finance business and community investments in distressed urban and rural communities.
Community Development Financial Institutions
Community Development Financial Institutions (CDFIs) are private sector financial intermediaries with community development as their primary mission. Below are some examples and useful resources.
- Craft 3 – Non-profit CDFI with a mission to strengthen economic, ecological, and family resilience in Pacific Northwest communities. Provides loans to nonprofits, businesses, and families and has several regional offices in Washington.
- CDFI Coalition – National organization promoting the work of CDFIs and provides information about types of CDFIs
- U.S. Treasury Department: Community Development Financial Institutions Fund – Provides federal financing to CDFIs and provides additional information on CDFIs, including current list of certified CDFIs
Recommended Resources
- Council of Development Finance Agencies (CDFA): Resources – National association dedicated to advancement of development finance concerns and interests. Most resources are available to CDFA members only; includes extensive online resource database, federal financing clearinghouse, state financing program directory, and more.
- Government Finance Officers Association (GFOA): Economic Development Resource Center – Includes a variety of economic development best practices and advisories, as well as primers on common economic development tools. GFOA is national in scope and information is not tailored specifically to Washington State.
- HUD Exchange: Rural Gateway – Information clearinghouse providing technical assistance, training workshops, and resource sharing to support rural housing and economic development
- National Association of Development Organizations (NADO) – Provides advocacy, education, peer exchanges and research for the nation’s regional development organizations
- Rural Community Assistance Corporation (RCAC) – Nonprofit provides training, technical, and financial resources and advocacy for rural communities across the Western U.S.
- Financing Economic Development, by Ralph J. Basile, et al., Urban Land, September/October 2011 (Available through MRSC Library Loan) – Discusses pros and cons of tax abatements, brownfield funding, community development block grants (CDBGs), tax increment financing, and New Markets Tax Credit (NMTC).