As part of the Department of Development’s strategic goal for investing in our regional assets, the Urban Development Division removes obstacles to sustainable revitalization of Ohio’s urban places and buildings with innovative financing, critical resources, and redevelopment expertise. To assist in these efforts, the Division administers the following programs: Brownfield Revolving Loan Fund Clean Ohio Fund - Brownfield Revitalization Ohio Historic Preservation Tax Credit Program Ohio New Markets Tax Credit Program
The Brownfield Revolving Loan Fund (RLF), capitalized by a grant from the United States Environmental Protection Agency (USEPA), offers below-market rate loans to assist with the remediation of a brownfield property to return it to a productive economic use in the community. Municipalities, non-profit and private entities can apply for program funding to conduct remediation activities at eligible sites
The Clean Ohio Revitalization and Clean Ohio Assistance Funds are key financial components to helping communities build economic capacity by providing the funds needed for brownfield redevelopment. Such redevelopment allows communities to reclaim and improve underused properties, making them viable for new economic activity. Local forms of government are eligible for Clean Ohio funding to conduct cleanup, demolition and environmental assessment activities. The Ohio Department of Development, through its Urban Development Division, administers both programs in consultation with the Ohio Environmental Protection Agency.
The Ohio Historic Preservation Tax Credit program provides a tax credit for the rehabilitation expenses to owners of historically significant buildings. The tax credit subsidizes 25% of qualified rehabilitation expenditures (QRE) for historic rehabilitation projects up to a $5 million cap. The Urban Development Division is responsible for administering the program in partnership with the Ohio Department of Taxation and Ohio Historical Society.
The Ohio New Markets Tax Credit (Ohio New Markets) program is designed to leverage the highly successful and innovative Federal New Markets Tax Credit (Federal New Markets) program by offering state tax credits to attract additional federal tax credits and private investments in Ohio businesses. This program will help finance business or real estate investments in low income communities by providing investors with state tax credits in exchange for delivering below market rate investment options to Ohio businesses.