CLEVELAND HEIGHTS RECEIVES STATE OF OHIO APPROVAL FOR CITY-WIDE CRA TO SUPPORT NEW DEVELOPMENT
CLEVELAND HEIGHTS, OH, 10/01/2018 - Cleveland Heights has achieved a major strategic development goal with the announcement last week by the Ohio Development Services Agency that the City's petition to create a City-wide Community Reinvestment Area, or CRA, has been approved.
Under the new CRA, residential properties are eligible for tax abatement incentives for both new and remodeling construction. The terms of the incentive are based on the strength of the housing market at the Census tract level using a variety of metrics identified by the City. Commercial projects would also be eligible for tax abatement, provided they meet certain criteria, and subject to the terms of a development incentive agreement required to be negotiated on a case-by-case basis with the City and Cleveland Heights-University Heights School District.
The following attachments provide additional information related to the new CRA program:
Businesses and property owners interested in receiving more information about this new incentive program should contact the City’s Economic Development Department Director Tim Boland at email@example.com.