A Community Reinvestment Area (CRA) is a targeted area of land designated by the City of Youngstown on which property owners can receive tax incentives for constructing new or renovating existing buildings. The CRA Program permits municipalities, townships, or counties to designate areas where investment has been lagging to encourage revitalization of the existing housing stock and the development of new structures. Residential, commercial, and industrial projects are all eligible.
Ohio's Community Reinvestment Area Program was created in 1977 and revised in 1994 in sections 3735.65-70 of the Ohio Revised Code.
Youngstown City Council passed Ordinance 11-137 creating Community Reinvestment Area One on May 18, 2011 and was amended on July 20, 2011 by Ordinance 11-246.
- Remodeling (2 units or less; minimum $2,500): 10 year Exemption – 100% improved value only
- Remodeling (more than 2 units; minimum $5,000): 12 year Exemption – 100% improved value only
- New Construction: 15 year Exemption – 100% (improvements only, land value not exempted)
(Application fee of $750 payable to Ohio Department of Development applies. Local monitoring fee equal to 1% of amount of taxes exempted also applies. Minimum fee $500/ Maximum fee $2,500.)
- Remodeling (minimum $5,000): Up to 12 years as negotiated and approved in a CRA Agreement
- New Construction: Up to 15 years as negotiated and approved in a CRA Agreement
How to Apply
The Community Reinvestment Area Tax Abatement Program Application (see below) is to be submitted post-construction.
Applications for Commercial/Industrial projects must be approved prior to construction. To begin the process, contact the Department of Community Planning & Economic Development: