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$23 Million in Tax Credits Up for Grabs: Ohio’s Transformational Mixed-Use Development Program Reopens for Summer Applications

Ohio’s Transformational Mixed-Use Development Tax Credit program, opening applications from August 23 to October 4, supports diverse urban projects integrating residential, commercial, and parking structures to revitalize communities and boost economic growth.

Ohio’s TMUD Tax Credit Program to Boost Urban Revitalization with New Applications Open This Summer

According to the Columbus Business First, Ohio is preparing for another round of its Transformational Mixed-Use Development Tax Credit program, which will start accepting applications this summer. From August 23 at 10 a.m., developers in Central Ohio and across the state can propose ambitious projects to rejuvenate city areas with diverse developments. The Ohio Department of Development has set October 4 as the deadline for developers to apply for financial support for their complex ventures.

The TMUD tax credit, launched in 2022, supports projects that combine different uses like homes, shops, and parking. Developers can receive credits up to 10% of their total project costs, but only after proving they’ve spent money on buying land, tearing down old buildings, improving sites, and constructing new ones. Past winners include local projects such as renovating the Kroger Bakery and Gravity II. These examples show how Ohio uses tax breaks to boost city renewal and grow local economies.

READ ALSO: $4,873: How Much Can You Expect In Your July Social Security Check?

$23 Million in Tax Credits Up for Grabs: Ohio’s Transformational Mixed-Use Development Program Reopens for Summer Applications (PHOTO: The Business Journals)

Gravity II and Connect Real Estate Receive Millions in Tax Credits for Urban Revitalization Projects

Gravity II got a $14 million tax credit in its first round, while Connect Real Estate got $7.1 million for its project on the old Value City site. These successes highlight Ohio’s effort to encourage creative mixed-use projects that improve city life and boost local businesses.

READ ALSO: $48 Million Settlement: Progressive To Compensate Over 90,000 NY Policyholders For Undervalued Vehicles

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