Housing Incentives Policy

[Harman N.]

Hi all,

I read the Columbus housing incentives (article here, PDF of policy here). Does it mean that if you rehab single-family in the Ready for Revitalization (Hilltop, Milo-Grogan, Near East, etc) & Ready for Opportunity (Linden, Hilltop) neighborhoods you don't pay property tax on it for 15 years? That seems like a phenomenal deal. For multi-family there are other requirements but for single-family it just says "new construction and rehabilitation" and doesn't list out any other criteria..

Also, do you know how it defines multi-family in this case; is it 2+ units or 5+ units? 

- Harman 

[Remington Lyman]

@Harman N. Buy something that needs a full rehab for $100,000. Put $100,000 into it and get it rented. Sell it to an investor for $300,000 with 14.5 years left on tax abatement. They will pay taxes on the $100,000 instead of the assessed value of $300,000. That is where the real value is.

*Disclaimer* I am not a CPA and this may be inaccurate information