Fairbanks North Star Borough Assembly Approves 10-Year Tax Incentives for Multi-Family Housing Construction
The Fairbanks North Star Borough Assembly has enacted a 10-year tax incentive program for new multi-family housing construction to combat a housing shortage caused by an influx of servicemembers and their families. The ordinance provides tax exemptions for developments of five or more residential units with at least two bedrooms, targeting designated military facility zones and high-density residential areas. This initiative, which revives a previous program, aims to facilitate housing solutions in the region, with exemption applications closing at the end of 2028.
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The Fairbanks North Star Borough Assembly has approved an ordinance providing tax exemptions for new multi-family housing construction for up to 10 years, aimed at addressing a housing shortage exacerbated by an influx of approximately 1,000 servicemembers and their families to Fort Wainwright and Eielson Air Force Base. The ordinance allows exemptions for developments of five or more residential units, each with at least two bedrooms, and offers shorter exemptions for smaller projects.
New constructions must be located in designated military facility zones or areas suitable for high-density residential development. The measure, which revives a similar program from 2022-2023, received unanimous support and is seen as a step towards alleviating housing issues in the region, with applications for exemptions closing at the end of 2028.
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