COMMUNITY REINVESTMENT AREA
RESIDENTIAL TAX ABATEMENT PROGRAM
What is a Community Reinvestment Area?
- A Community Reinvestment Area (CRA) is an area of land in which a property owner can receive tax incentives for investing in real property improvements. The entire City of Olmsted Falls has been designated as a CRA.
- The CRA provides for temporary tax abatement of increased real property taxes on significant residential remodeling or new residential construction within the area (for mixed-use projects, only the residential portion will be eligible for the abatement).
- CRA’s are used to encourage revitalization of the existing housing stock and the development of new structures.
For Additional information please click on the links below:
Community Reinvestment Area Residential Tax Abatement Information
Community Reinvestment Area Tax Abatement RESIDENTIAL APPLICATION