COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) – The latest version of Columbus’ revised tax abatement policy would require developers to add affordable units in neighborhoods like Linden and Franklinton, something the city says is important because of rising rents in those areas.

The city has been working with consultant Vogt Strategic Insights to determine how best to “right-size” and update its community reinvestment area residential tax abatement policy, or CRA policy, based on current rents.

Right now, the program incentivizes developers to price 10% of units for residents making 80% of the area median income and 10% for those making 100% of the area median income in “market ready” and “ready for revitalization” areas. Developers who do get a 100%, 15-year tax abatement.

Currently in “ready for opportunity” areas, such as Franklinton, there are no additional requirements for the 100%, 15-year tax abatement.

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