Economic Development Funding Sources
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.
Keep in mind that Washington laws may be different than other states. A tool used elsewhere may not be applicable in Washington.
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.
- Washington Department of Commerce:
- Community Economic Revitalization Board (CERB) – Provides funding to local governments and tribes for public infrastructure which supports private business growth and expansion
- Program Index – Listing of all Commerce programs, including Local Government Division and Community Services & Housing Division
- Washington Economic Development Financing Authority – Created by state legislature to provide financing for certain industries and, in some cases, local governments through the issuance of nonrecourse revenue bonds. Primarily serves manufacturing, processing, and waste disposal facilities (including water or sewage treatment).
- Washington State Housing Finance Commission: Nonprofit Facilities Financing – Provides loan financing for 501(c)(3) nonprofits in Washington State, including certain capital facilities and job training sites
- Grants.gov – Searchable list of current federal grant opportunities
- U.S. Department of Agriculture (USDA): Rural Development Programs & Services – Financial programs for rural areas, listed by category
- U.S. Department of Housing and Urban Development (HUD): Funding Opportunities – Grant programs for community and economic development, affordable housing, and other areas
- U.S. Economic Development Administration: Funding Opportunities – List of current grant/funding programs
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.
- New Markets Tax Credit Coalition: Washington – National membership organization; includes state-by-state overview of NMTC programs and projects
- U.S. Treasury Department: New Markets Tax Credit Program – Overview of NMTC program and eligibility
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
- 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.
- Practitioner's Guide to Economic Development Finance – Comprehensive for-sale publication
- Government Finance Officers Association (GFOA): Economic Development Best Practices – Includes a variety of economic development best practices and advisories. 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.