Columbus reforming tax incentive program to require more affordable housing

The City of Columbus is working on changes to a tax relief program to incentivize developers “to diversify housing stock and build in neighborhoods that need a boost,” reports. Jeremy Druhot, of the city’s Department of Development Housing Division, said the program “now divides the city into three categories — ready for market, ready for revitalization and ready for opportunity,” according to the article. Areas in the ‘market ready’ category are “more or less fully developed” and do not need tax abatements for projects to be profitable, so those areas “have the most stringent affordability requirements in exchange for the tax break on improvements to the property.” Areas that need development the most “have fewer requirements for the developer.” For more, read the full article.

Economic Development, Financial Incentives, State Updates