Living near work is the best way to change your commute style for the better while reducing the costs of your commute for both you and our environment, and maintaining access to all downtown has to offer. Downtown On the Go’s Live Downtown program offers access to additional cost savings to help you make this dream a reality.
Why live downtown? As an employee of an organization partnering in Live Downtown, you can purchase a home or lease an apartment in downtown Tacoma at a significantly reduced cost. Not only that, you’ll reduce the cost and time of your commute, which offers long-term financial and quality of life benefits!
“Living and working downtown lets me get a little exercise while leaving my car parked – saving time and money. It’s great to see friends at my favorite local businesses and restaurants without worrying about traffic or parking.”
-Kevin Freitas, SiteCrafting
Live Downtown Pilot Program Benefits
- Buy: HomeStreet Bank offers discounts on closing costs and if you work with designated Realtors, you’ll receive additional discounts
- Rent: O’Connor and Associates offers discounts on two great downtown locations
- Financial Counseling: American Financial Solutions will help you create a financial plan to pave the way to homeownership
- Car share: Receive 5 free hours of driving ($55 value/credit) when you sign up for carsharing with Zipcar
- Join a gym: Membership fee is waived for participants at the downtown Tacoma Center YMCA
Download the Live Downtown Flyer.
HomeStreet Bank:
- Reduced Closing Costs and Fees
- Zero loan fee on properties financed within the Live Downtown boundary (Downtown Tacoma)
- Loan fees reduced by 50% outside of Downtown area
- Home Advantage Program
- Participating real estate agents contribute an additional 1% of the purchase price toward closing costs when a property is bought or sold through the Home Advantage Program.
- Free Homeownership Education
- A curriculum of educational brown bag seminars is offered at the workplace on topics such as understanding credit scores, budgeting, and remodeling your home.
- Access to Down Payment Assistance and Special Program
- For qualified buyers, HomeStreet connects you with City of Tacoma down payment assistance of up to 3.5% of the purchase price; Housekey down payment assistance of up to $10,000; and HomeStart down payment assistance grants up to $5,000.
O’Connor & Associates:
- Mid-Town Lofts Rental Discounts ($1,200 to $2,400 in savings/year)
- $100/month reduced rent on one bedroom lofts
- $200/month reduced rent on two or three bedroom lofts
- McCarver Village Rental Discounts ($1,200 in savings/year)
- $100/month reduced rent on all units
We are always looking for additional incentives; contact us if you are interested in becoming a partner.
“Living and working downtown saves me time and money each year. My commute is 10 minutes, no matter rain or shine or time of day. My local grocery store, drycleaner, bank, gym and coffee shop are all within walking distance making daily tasks quick and convenient. Downtown living provides a quality of life that I treasure!”
-Andrea Mensink, Tacoma Regional Convention + Visitor Bureau
There are additional incentives to live downtown regardless of whether your employer partners in our program. These include the following:
City of Tacoma Housing – Down Payment Assistance Program
It’s more than just downtown, but downtown is definitely included. This single family and condo down payment incentive can be hefty, but is income limited.
City of Tacoma Housing – Multifamily Property Tax Exemption
These exemptions stick with the properties (multifamily is defined as 4 or more units), so new owners can take them on at whatever point they are in their exemption period (exemption periods are 8 or 12 years). The gist is this – thousands of dollars in savings annually should you purchase a downtown condo.
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Downtown v. Suburban Living
Living in the suburbs is downright expensive, though at first glance it seems less so as compared to living in the urban core.
Curious to know how much it costs you to live in that suburban home? Check out this blog and spreadsheet that allows you to calculate in detail the cost of living based on how far you live from downtown.
Interested in calculating the relationship between housing affordability, transportation, and your region? Check out this link to better understand the portion of your income that housing and transportation consume, as well as the gas costs and greenhouse gas impacts of where you live. The results might surprise you!
