It is no secret that tax incentives are commonly offered to businesses in exchange for job creation and community development. It is lesser known, however, that tax incentives serving a similar purpose are also offered to owners of residential property. Community Reinvestment Areas, or “CRAs,” are designated areas within municipalities or unincorporated county areas that local governments designate as neighborhoods containing housing facilities or structures of historical significance and where “new construction” is discouraged. The underlying goal of establishing a CRA is to revitalize, rehabilitate, and remodel existing structures within the boundary of the CRA. Ohio currently has over 400 cities, townships, and villages with established CRAs. Read More