The Cleveland City Council is considering legislation that would launch a process of re-examining the city's tax abatement program.
"The city of Cleveland plans a deeper look at its policy of offering property tax abatements for new housing," reports Nick Castele.
Currently, the city offers 15-year tax abatements for new housing construction and rehab projects that surpass a threshold of significance. The new legislation would take a first, small step toward reforming that tax abatement program by hiring a consultant to "reexamine those policies," reports Castele.
Potential changes could shorten the amount or lifespan of abatements, or leverage the policies to encourage more affordable housing development.
Read the full story: Cleveland To Take Second Look At Residential Tax Abatements
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