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Community Reinvestment Area

What is a Community Reinvestment Area (CRA)?

  • The Community Reinvestment Area program is an economic development tool administered by the City that provides real property tax exemptions for property owners who renovate existing or construct new buildings.
  • CRAs are areas of land in which property owners can receive tax incentives for investing in real property improvements.
  • Approved projects receive tax abatement on the increase in their property’s tax valuation for a specified time period. The tax abatement period begins the calendar year after:
    1. Certification is forwarded to the County Auditor’s Office, and
    2. A change in the property’s tax valuation has occurred due to the new improvements.