Economic Development Residential


 


Residential Construction

 

Community Reinvestment Area

 

In an effort to reverse the nearly 10% decline in population between 1980 and 1990, the Village of Crestline applied to the Ohio Department of Development to have the entire Village designated as a Community Reinvestment Area (CRA). The Ohio General Assembly has authorized municipal corporations to designate CRAs within the State in order to provide incentives for new residential development and/or rehabilitation of existing housing by making available real property tax abatement for new development or rehabilitation. This authority is given to municipal corporations in Ohio Revised Code (O.R.C.) Sections 3735.65 through 3735.70.

The incentives offered through the Village of Crestline CRA are in the form of a tax exemption on the increase in the assessed valuation resulting from improvements for the following periods:

 

1. Real property tax exemptions of 50% in the first year, 40% in the second year, 30% in the third year, 20% in the fourth year and 10% in the fifth year for new residential dwelling units containing one, two, three, or four housing units.

2. Real property tax exemptions of 50% in the first year, 40% in the second year, 30% in the third year, 20% in the fourth year and 10% in the fifth year for the remodeling of dwelling units containing one, two, three, or four housing units, upon which the cost of the remodeling is at least Four Thousand ($4,000.00) dollars per dwelling unit.

The implementation of the Village of Crestline CRA was successful in achieving its goal of reversing the population decline that occurred in the 1980’s. Crestline was the only City or Village in Crawford County that exhibited an increase in population for the period from 1990 through 2000. The implementation of Crestline’s CRA has been a significant factor in private investment of over $3,000,000 in residential properties. Questions regarding the Village of Crestline CRA should be directed to Mr. Marc Milliron, Village of Crestline Administrator at 683-3800.