REDEVELOPMENT & BROWNFIELDS

Redevelopment & Brownfields

 

Funding Options & Incentives

The Ohio Historic Preservation Tax Credit Program provides a 25 percent tax credit for the rehabilitation expenses to owners and lessees of historically significant buildings. A building is eligible if it is individually listed on the National Register of Historic Places; contributes to a National Register Historic District, National Park Service Certified Historic District, or Certified Local Government historic district; or is listed as a local landmark by a Certified Local Government. The program is competitive and receives applications bi-annually in March and September.

Over the nine funding rounds, tax credits have been approved for 157 projects to rehabilitate 229 historic buildings in 34 different communities. The program is projected to leverage more $2 billion in private redevelopment funding and federal tax credits directly through the rehabilitation projects.

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The OWDA Brownfield Loan Program offers below-market rate loans to assess and clean up brownfield properties. The program is open to both public and private entities that may use the funds to pay for Phase II assessments, demolition, cleanup, and consultant costs. Up to $500,000 is available for assessments, and up to $5,000,000 is available for cleanups. By making these funds available to a variety of stakeholders, the economic development potential of the property is maximized and these once dormant properties can be brought back to beneficial use.

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The Regional 166 Direct Loan Program (Regional 166 Direct Loan) promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects in the State of Ohio.

The Ohio Development Services Agency’s (ODSA) Regional 166 Direct Loan provides low-interest loans to businesses creating new jobs or preserving existing employment opportunities in the State of Ohio.

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The CDC/504 Loan Program provides financing for major fixed assets such as equipment or real estate.

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The Ohio New Markets Tax Credit Program helps to finance business investments in low-income communities by providing investors with state tax credits in exchange for delivering below-market-rate investment options to Ohio businesses. Investors receive a 39% tax credit spread over seven years if they make an investment in a qualified low-income community business.

Community Development Entities (CDEs) apply to the program for allocation authority, and work with investors to make qualified low-income community investments. The program helps to spark revitalization in Ohio’s communities with this attractive tax credit.

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The Clean Ohio Fund restores, protects, and connects Ohio’s important natural and urban places by preserving green space and farmland, improving outdoor recreation, and cleaning up brownfields to encourage redevelopment and revitalize communities.

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EPA’s Targeted Brownfields Assessment (TBA) program is designed to help states, tribes, and municipalities—especially those without EPA Brownfields assessment pilots/grants—minimize the uncertainties of contamination often associated with Brownfields. Targeted Brownfields Assessments supplement and work with other efforts under EPA’s Brownfields program to promote the cleanup and redevelopment of brownfields. EPA’s TBA assistance is available through two sources: directly from EPA through EPA regional Brownfields offices under Subtitle A of the law, and from state or tribal voluntary response program offices receiving funding under Subtitle C of the law. 

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The Ohio Community Reinvestment Area program is an economic development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings. The program is delineated into two distinct categories, those created prior to July 1994 (“pre-1994”) and those created after.

In order to use the Community Reinvestment Area program, a city, village, or county petitions to the Ohio Development Services Agency (ODSA) for confirmation of a geographical area in which investment in housing has traditionally been discouraged (click here for the process to establish a Community Reinvestment Area). Once an area is confirmed by the Director of ODSA, communities may offer real property tax exemptions to taxpayers that invest in that area.

Businesses interested in pursuing this incentive should contact the local Community Reinvestment Area Housing Officer in the city, village, or county (in the case of a township location) of the potential investment.

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The Ohio Enterprise Zone Program is an economic development tool administered by municipal and county governments that provides real and personal property tax exemptions to businesses making investments in Ohio.

Enterprise zones are designated areas of land in which businesses can receive tax incentives in the form of tax exemptions on eligible new investment. The zone’s geographic area is identified by the local communities involved in the creation of the zone. The boundary should (1) include areas appropriate for business development, (2) have a single continuous boundary, (3) meet minimum population requirements, and (4) evidence the distress characteristics, when applicable. Once a zone is defined, the local legislative authority participating in the creation must petition the director of the Development Services Agency. The director must then certify the area for it to become an active Enterprise Zone.

Local communities may offer tax incentives for non-retail projects that are establishing or expanding operations in the State of Ohio. Real property investments are eligible for tax incentives, as well as personal property investments for those entities that continue to pay personal property tax. Tax incentives are negotiated at the local level, and an enterprise zone agreement must be in place before the project begins. Businesses interested in pursuing these incentives should contact the local Enterprise Zone Manager.

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Natural resource-based business / recycling loans, downtown revitalization loans in communities of less than 25,000 population, and renewable energy loans to help farms and rural businesses to be more energy efficient through renewable energy sources: geothermal, solar, and wind.

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Redevelopment & Brownfields