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Three Ways Columbus’ Newly Adopted Zoning Code Impacts Commercial Real Estate

August 27, 2024August 27, 2024 Alexa Broylesaffordable housing, columbus, commercial real estate, CRE, economic development, zoning

Columbus City Council officially adopted changes to the city’s zoning code in July. The change marks the first significant evaluation and reformation of the prior code in more than 70 years. The years-long effort culminated in a unanimous vote for all six resolutions and the legislation is slated to take effect on August 28. As a result, six mixed-use districts were created along key corridors of the city, incentivizing the development of up to 88,000 housing units. Here’s what the change means for commercial real estate. Eliminating Parking Requirements, Relaxed…

City of Columbus Aims to Address Affordable Housing with 2021 CRA Abatement Policy

November 18, 2021July 9, 2024 Alexa Broylesaffordable housing, columbus, columbus ohio, commercial real estate, Community Reinvestment Area, CRE, Department of Development, development, housing affordability, tax abatement

The Columbus Department of Development presented its proposed update to the Community Reinvestment Area Residential Abatement policy as part of a scheduled three-year review, on Wednesday, Nov. 17, during a public meeting. The updated proposal affects tax abatements in both the legacy community reinvestment areas, as well as in designated as “Market Ready” and “Ready for Revitalization” areas, which are determined based on the number of qualifying distress criteria. Distress criteria include population growth, median household income growth, poverty rate, growth in median rent, housing vacancy rate and mortgage foreclosure…