A program to attract property developers to build new housing units or remodel existing housing units by offering 15 years of paying $0 in property taxes if they build a certain amount of rent controlled units or if they pay a one-time fee to the Department of Development.
This program greatly decreases the property taxes that wealthy real estate developers will pay. These taxes would normally go to funding city schools, social services, infrastructure, and public transportation.
It offers more affordable rent control to higher income neighborhoods than it offers to lower income and more distressed neighborhoods. The program considers housing to be “affordable” if a renter is paying no more than 30% of their annual income.
The program also does not consider the annual median incomes of each neighborhood individually, only the annual median income of the City of Columbus as a whole.
The lowest income considered by this program is $35,220. In Columbus, 250,000, or 30% of our population, earn less than $35,000. This means the program does not consider the needs of one third of our city's population.
It may not seem like it at first but the CRA program is designed to increase the level of gentrification of Columbus's most at-risk neighborhoods. To understand how communities like Linden and Franklinton are impacted, click the link below.
Affordable Housing Columbus
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