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March 4, 2004

Local Initiatives Support Corp.

The Seattle office of the Local Initiatives Support Corp., a nonprofit community development organization, provided more than $10.8 million in new market tax credits to U.S. Bancorp Community Development Corp. to finance redevelopment of the Albers Mill on Tacoma's waterfront. The project was to be done last week, according to officials of Heritage Properties, the Anchorage-based developer that is rehabbing the mill into 36 apartment lofts plus retail. Absher Construction Co., of Puyallup is the contractor, and Architects BCRA Tsang of Tacoma is the designer. The credits are aimed at stimulating economic development in low-income communities.




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