Applications now open for state tax credit to redevelop Ohio neighborhoods
TOLEDO, Ohio (WTVG) - A statewide program that provides tax credits for major, mixed-use developments in Ohio is open to applications. The Transformational Mixed-Use Development Program is through the Ohio Department of Development.
The tax credit can be used to help finance new construction and/or the improvement of vacant buildings. Developments must include an influence on the economic and social well-being of the immediate site and surrounding area that will influence long-term change on the area. Development properties eligible for the tax credit must include at least two mixed uses, three if one is a parking structure.
“This program will help transform neighborhoods and bring new life to previously underutilized or vacant sites,” said Lydia Mihalik, director of Development. “Mixed-use developments can provide space for housing, small businesses, recreation and much more at one site, which improves the quality of life and opportunities for residents that live in the area.”
Eligible costs include and acquisition, building acquisition, demolition, site improvement, and new construction of the site.
The program application is available on the program website. Applications must be received by 5 p.m. on October 29 to be considered.
Questions regarding the program can be sent to firstname.lastname@example.org.
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