What is a Community Reinvestment Area and when might it be right for you?
A Community Reinvestment Area, more commonly referred to as a CRA, is a tax abatement program for those performing major improvements, additions or new construction that cause a change to the tax valuation. The CRA can be used for either residential or commercial property.
The 50% tax abatement occurs on the difference between the original value of the property and the improved value, as determined by the Lake County Auditor. The number of years for the abatement depends on the type of improvement and whether it is residential or commercial.
The CRA process differs between residential and commercial. A commercial CRA agreement MUST be in place prior to construction to be eligible for the abatement. A residential CRA must provide proof of investment when applying for a CRA. Due to the criteria, an application may be accepted up to a year after a project has been completed.
The information sheet below provides more details about the program. If you think that you are interested in applying or if you have questions about whether your project would qualify for the program, please contact Economic Development Manager Monica Drake at mdrake@cityofwillowick.com or (419) 345-0242. The CRA application is below.
Willowick Community Reinvestment Area Information Sheet
Willowick CRA Residential Application Form
CRA Willowick Map Attachment E-2
Commercial Properties
Willowick Properties For Sale 5.2020
Willowick Properties For Lease 5.2020