MONDAY, NOVEMBER 29, 2021 HOME ABOUT US News CITY OF COLUMBUS AIMS TO ADDRESS AFFORDABLE HOUSING WITH 2021 CRA ABATEMENT POLICY NOVEMBER 18, 2021 ALEXA STROHM AFFORDABLE HOUSING, COLUMBUS, COLUMBUS OHIO, COMMERCIAL REAL ESTATE, COMMUNITY REINVESTMENT AREA, CRE, DEPARTMENT OF DEVELOPMENT, DEVELOPMENT, HOUSING AFFORDABILITY, TAX ABATEMENT The Columbus Department of Development presented its proposed update to the Community Reinvestment Area Residential Abatement policy as part of a scheduled three-year review, on Wednesday, Nov. 17, during a public meeting. The updated proposal affects tax abatements in both the legacy community reinvestment areas, as well as in designated as “Market Ready” and “Ready for Revitalization” areas, which are determined based on the number of qualifying distress criteria. Distress criteria include population growth, median household income growth, poverty rate, growth in median rent, housing vacancy rate and mortgage foreclosure rate. Proposed eligible developments would qualify for a 100% 15-year tax abatement as long as they remain compliant with the requirements for the entirety of the 15 years. The 2018 policy mandated that multi-family housing developers set aside 10% of units for residents earning 80% of the area median income (AMI) and 10% of units for residents earning 100% AMI in order to earn an abatement. The proposed policy would now mandate that developers go “deeper or wider” in providing affordable housing. To achieve this, multi-family developers could “deepen” affordability by offering 10% of units to residents earning 60% of AMI and 10% of units to those earning 80% of AMI, or developers could choose to “widen” the percentage of units being allocated from 10% to 30% while maintaining that residents earn 80% of AMI. Single-family new construction and rehabilitation will qualify for the abatement if it is accessible to residents earning 120% of the area’s median income. The proposed policy also removes the previous height requirement of five stories as well as the buy-out option allowing developers to pay a fee in lieu of providing the stipulated affordable units. Additional changes include the addition of a unit distribution requirement, in which multi-family developments must distribute evenly the affordable units amongst the types of units offered. Third-party, Vogt Strategic Insights, conducted the gap analysis which was used in determining the proposed changes and evaluated four Columbus neighborhoods including the Hilltop, Linden, the Short North and the Near East community. POST NAVIGATION Steelton Village Rebirth Attracts Small Businesses to The Fort What You Should Know About a Broker Opinion of Value RELATED POSTS News STEELTON VILLAGE REBIRTH ATTRACTS SMALL BUSINESSES TO THE FORT NOVEMBER 4, 2021 ALEXA STROHMAND HERE WE ARE, COLUMBUS, COMMERCIAL REAL ESTATE, CRE, CREW SUPPLY, FOR LEASE, JOHN MALLY, MAKERSPACE, MISSION COFFEE, OHIO EQUITIES, SOUTHSIDE COLUMBUS, STEELTON VILLAGE, THE FORT, THE SMITHERY, THE SPECULO GROUP, TRANSACTIONS NAI Ohio Equities had a strong October with more than 26 closings last month. Our office... News OHIO EQUITIES FINDS INDUSTRIAL WAREHOUSE SPACE FUELING BARK CO. EXPANSION AND JOB GROWTH OCTOBER 18, 2021 ALEXA STROHMBARK, COLUMBUS, COLUMBUS OHIO, COMMERCIAL REAL ESTATE, CRE, INDUSTRIAL, JOBS, WAREHOUSE The rapidly expanding Original BARK Company announced in a press release last week that it would... News AUGUST TRANSACTIONS IN CENTRAL OHIO SEPTEMBER 2, 2021 AMY KARNESCOLUMBUS, COMMERCIAL REAL ESTATE, DELAWARE, FOR SALE, INDUSTRIAL, INVESTMENT, LAND, LEASED, OFFICE, OHIO, REAL ESTATE INVESTMENT, SOLD, WAREHOUSE August did not slow down this year for commercial real estate transactions. Our office closed on... RECENT POSTS What You Should Know About a Broker Opinion of Value City of Columbus Aims to Address Affordable Housing with 2021 CRA Abatement Policy Steelton Village Rebirth Attracts Small Businesses to The Fort Ohio Equities Finds Industrial Warehouse Space Fueling BARK Co. Expansion and Job Growth Looking for an Investment Property? Self-Storage May Offer a Unique Opportunity ARCHIVES Archives Select Month November 2021 (3) October 2021 (2) September 2021 (1) August 2021 (1) July 2021 (1) February 2021 (1) January 2021 (3) December 2020 (2) November 2020 (2) October 2020 (2) September 2020 (3) August 2020 (2) July 2020 (3) June 2020 (1) May 2020 (3) April 2020 (3) March 2020 (4) February 2020 (2) January 2020 (2) December 2019 (2) November 2019 (3) October 2019 (3) September 2019 (2) August 2019 (1) July 2019 (1) June 2019 (1) May 2019 (1) April 2019 (2) March 2019 (2) February 2019 (3) January 2019 (2) December 2018 (1) November 2018 (3) October 2018 (3) September 2018 (1) August 2018 (3) July 2018 (3) May 2018 (4) April 2018 (3) March 2018 (2) February 2018 (2) January 2018 (2) December 2017 (3) November 2017 (2) October 2017 (3) September 2017 (3) August 2017 (2) July 2017 (3) June 2017 (4) May 2017 (2) April 2017 (3) March 2017 (5) February 2017 (5) January 2017 (1) December 2016 (1) November 2016 (1) August 2016 (1) July 2016 (1) March 2016 (1) CATEGORIES Commercial Real Estate 101 CRE101 Market Reports News META Log in Entries feed Comments feed WordPress.org SUBSCRIBE TO BLOG VIA EMAIL Enter your email address to subscribe to this blog and receive notifications of new posts by email. Email Address Subscribe © All Right Reserved Proudly powered by WordPress | Theme: SuperNews by Acme Themes