Tax Abatement Programs Approved For Cleveland Heights

CLEVELAND HEIGHTS, OH — A City-wide Community Reinvestment Area (CRA) for Cleveland Heights has been approved by the state. The CRA will mean residential properties are eligible for tax abatement incentives for new and remodeling construction. Commercial projects may also be eligible for similar tax abatement.

"To be able to reach our strategic development goal of providing targeted incentives for new investment throughout the City is a game changer. We anticipate that the City-wide CRA will provide significant help in retaining current residents, attracting new ones, and creating new jobs and economic activity, as we convey the message that the City is 'open for business'. This gives us a leg up over many other Northeast Ohio cities," according to Tim Boland, the city's economic development director.

The CRA was approved by the Ohio Development Services Agency. The city has been touting the decision as a "major strategic development goal."

The tax abatement program for residents will be based on the strength of the housing market at the Census tract level, using a variety of metrics identified by the city.

On the commercial side, projects will need to meet additional criteria and are subject to terms of a development incentive agreement, which will be negotiated on a case-by-case basis with the city and the Cleveland Heights-University Heights School District.

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