Community Reinvestment Areas (CRAs)
Community Reinvestment Areas are designated portions of municipalities or unincorporated areas of counties where property owners can receive tax incentives for investing in new real property improvements. The CRA program is a direct incentive property tax exemption program designated by Ohio statute. The program permits municipalities or counties to designate areas, where investment has been discouraged, as a CRA to encourage revitalization of the existing housing and building stock and the construction of new structures. The program can provide real property tax benefits on the value of residential, commercial and industrial building improvements. Property tax exemptions will be based on increased valuation of the property, due to significant improvements. Existing property taxes will continue to be paid.
How much is the tax abatement? The exemption period can be up to 10 years for the remodeling of one and two family residential projects which invest at least $2,500, 12 years for the remodeling of multi-family dwellings of three or more residential units or commercial or industrial properties where the investment is at least $5,000, and 15 years for the new construction of residential, commercial and industrial structures.
What is the opportunity? Greenfield’s “pre-1994” CRA resolution gives the Village maximum flexibility to administer the program. By expanding the CRA resolution to cover all of Greenfield, members of Greenfield Village Council believe that CRA expansion will encourage new economic investment in residential housing stock and encourage new commercial and industrial investments.
How is the program administered? Applications must be submitted to the Village of Greenfield and evidence provided of improvements. Interested parties should contact the village administration for information on the process.
For more information, contact City Manager Todd Wilkin at 937-981-3500 or email@example.com