COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — The city’s updated residential tax abatement policy aims to increase the number of affordable units built in all neighborhoods and will increase the buy-out option to ensure more units come online.
Last week, Columbus City Council approved an updated residential tax abatement policy, which will incentivize developers to offer more affordable units in more Columbus neighborhoods. Every developer seeking an abatement with permits granted after Sept. 1, 2023 will have to follow the new policy.
“This is a key part of our strategy, this reduces the financing gap and makes projects happen,” said Columbus Development Director Michael Stevens. “This tool helps add affordable housing in neighborhoods like Victorian Village. … We’re including folks in a neighborhood where the median income is $110,000.”
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