Ohio’s Transformational Mixed-Use Development Tax Credit program, launching applications from August 23 to October 4, offers up to 10% of project costs to developers for complex mixed-use projects, aiming to stimulate economic growth and urban revitalization statewide.
Ohio’s Transformational Mixed-Use Development Tax Credit Program Opens for Applications
According to the Business Journals, Ohio is preparing to accept applications for its Transformational Mixed-Use Development Tax Credit program this summer. Starting on August 23 and running until October 4, developers across Central Ohio and the state can apply for financial support. Launched in 2022, this program offers up to 10% of the total project costs for developments that combine at least two different uses, like residential and commercial spaces.
To qualify, projects must be complex and have a significant impact, covering expenses such as buying buildings, demolishing old structures, improving sites, and building new structures. The tax credits are only given after the projects are finished and the developers prove they spent the money as planned. Past recipients include the redevelopment of the Kroger Bakery site, Gravity II, and Connect Housing Blocks, which received a $14 million credit in the first round.
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$14 Million Incentive Alert: Ohio’s Transformational Mixed-Use Development Tax Credit Program Opens Summer 2023 (PHOTO: The Business Journals)
Impact of Ohio’s Tax Credit Program on Urban Development Highlighted by Connect Real Estate
Connect Real Estate‘s project on the old Value City site received $7.1 million in tax credits, highlighting how this program supports big changes in urban areas across Ohio. By encouraging investment in mixed-use projects, the state aims to boost its economy and improve communities.
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