The
Hamilton County Board of Commissioners has announced a new county initiative that is meant to stimulate the local economy through an expansion of the county's Community Reinvestment Area (CRA) program. The expansion will help create new projects throughout communities across Hamilton County.
The Community Reinvestment Area program currently offers tax abatements on incremental property taxes generated by new construction or major renovation projects. Investments in residential, industrial and commercial projects all qualify for the CRA program.
The goal now is to expand the CRA program so that more communities across Hamilton County can see its benefits. The current expansion will focus on projects that will start within the next 18 months so that an immediate impact is seen.
County officials say that communities joining in on the initiative so far include Columbia Tusculum, Forest Park, Lockland, Madeira, North College Hill and Woodlawn.
"This program is designed to spur investment in our county at a time when it is needed most," says Hamilton County Commission president David Pepper. When combined with low housing prices, favorable mortgage rates and the federal first time home-buyer tax credit, Pepper says that there "has never been a better time to buy, build or re-invest in Hamilton County."
The incentive goes further in some communities where they are looking to offer higher levels of tax abatement for projects that meet LEED design standards. The Hamilton County Development Company has also been asked to aid participating communities and school districts with this initiative.
Those that are interested are instructed to contact their local community or
Hamilton County Development Company directly for more information.
Writer:
Randy A. SimesPhotography by Amber KersleyStay connected and follow Randy on Twitter
@SoapboxRandy
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