Cleveland Heights recently announced the creation of a City-wide Community Reinvestment Area or CRA. 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 are also eligible for tax abatement, provided they meet certain criteria, and subject to the terms and conditions of a development incentive agreement required to be negotiated on a case-by-case basis with the City and the Cleveland Heights-University Heights School District.
The City will host an informational meeting on the new CRA program for realtors, developers, home builders and other interested parties on November 28 from 8 am to 9:30 am at the Cleveland Heights Community Center. As space is limited, please RSVP to Brian Anderson at 216-291-2618 if you are planning to attend.
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.
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