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Community Development Block Grant (CDBG)
CDBG funds may be used to assist economic development activities including:
- Acquisition, construction, reconstruction, rehabilitation or installation of commercial or industrial buildings structures, and other real property;
- Provision of assistance to a private non-profit business; and
- Provision of assistance to any of three types of subrecipients including neighborhood-based non-profit organizations, small business investment companies and local development corporations to carry out a neighborhood revitalization, community economic development or energy conservation project.
Community Reinvestment Area (CRA) Tax abatement
Properties located within the CRA are eligible for tax abatements on commercial and residential property. For new commercial construction or improvements the property owner is eligible to receive up to 100% real property tax abatement for 10 years. New construction of homes may qualify for a 100% tax exemption on the increase in the assessed valuation resulting from improvements for 7 years if the housing is affordable housing (housing for families with incomes less than 50% of the Columbus Metropolitan Statistical Area Median Family Income).
Remodeled residential (renter or homeowner; 1 or more units) improvements may qualify for a 100% abatement for 7 years on the increase in the assessed valuation resulting from improvements.
A Commercial CRA tax abatement requires the following: one time $750 application fee, yearly membership fee to Mainstreet , yearly membership to the Chamber of Commerce, and a 30% tax payment to schools on the improvement. Contact the Economic Development Office, 740-203-1016 for more details. Click here to download a CRA flyer (PDF).
Facade Enhancement Loan Program - Low Interest Loan
Downtown properties are eligible for a low interest loan at the prime rate, minus 2%. In addition the City of Delaware will reimburse building owners for 1% of interest on loans to fund rehabilitation projects. Only building improvements approved by the HPC and infrastructure and facade improvements are eligible. Contact the Planning & Community Development Office, 740.203-1600 for more details. Click on the following link to download a flyer: Facade Enhancement Loan Program flyer (PDF).
Micro-Enterprise Business Development Program
The Micro-Enterprise Business Development Program administered by the Ohio Department of Development provides loans to applicants to assist in the development of local microenterprise businesses, and to create and retain long-term jobs in the private sector. The program targets for-profit entities with 5 or fewer employees. The program requires job creation/retention of which 51% or more will benefit LMI persons. For additional information see the Department of Development website at: http://www.odod.state.oh.us/cdd/ohcp/mbdpn.htm.
Contact Shannon Hamons, Economic Development Coordinator, 740.203-1016 for more details on city programs.
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