The Village of Woodlawn, which has a community contract with the HCDC Economic Development Office, has been looking at ways to improve all current residential buildings and encourage construction of new residential structures. The Village currently has a Community Reinvestment Area (CRA) along Springfield Pike, which provides a tax incentive to properties that experience significant new investment. Woodlawn administration recently requested and received approval for the expansion of the CRA to include all one-family residential areas in the Village.
A CRA is a tax abatement program allowed by Ohio State law. Woodlawn’s Village Manager is named as the Housing Officer and administers the program. Residents interested in taking advantage of the program are encouraged to contact the Village Manager before starting their improvement project to find out if they qualify and to get an estimate of the benefit. Non-residential projects must get formal project approval from Village Council before making investments. Residential remodeling will receive 10-year abatements and new construction will receive 15 years. Retail and office project incentives are negotiated on a case-by-case basis. Tax abatements will be reviewed annually by the Tax Incentive Review Council. Council may instruct the Housing Officer to no longer accept new applications for incentives after 5 years (end of 2021).
Approval of this ordinance by Woodlawn Council allows a petition to be sent to the Ohio Development Services Agency for area certification. For more information on the Woodlawn CRA agreement, please contact HCDC senior development specialist Dan Ferguson at email@example.com.