The City of Tacoma is the largest new employer to participate in the “Live Downtown” program, an incentive program designed to encourage employees to live closer to work, according to a news release today.
The program, in its second year, doesn’t cost participating employers anything, because the package of incentives are provided by participating lenders and property owners. Those offering those incentives include HomeStreet Bank and the Legacy Group, as well as property owners O’Conner & Associated, Vue 25 and Albers Mill.
Employees can save up to $6,000 on a new home (depending on loan amount) or up to $2,400 a year on a rental property.
Since Live Downtown began, five people have used the rental incentives, said program coordinator Kristina Walker, who manages Downtown On the Go. No one has been successful on the purchasing side, she said, though two people inquired and were not approved.
Other new participating employers announced today: the Tacoma-Pierce County Chamber, the Tacoma Convention and Visitors Bureau, and the Economic Development Board of Tacoma-Pierce County. Already participating are Columbia Bank, Tacoma Art Museum, BLRB Architects, University of Washington Tacoma, SiteCrafting, Inc., Broadway Center for the Performing Arts, Tacoma Symphony Orchestra and TRA Medical Imaging.