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.