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SALEM -- City council approved another ordinance Tuesday related to new Community Reinvestment Area boundary changes and rules, with approval by the state of Ohio still pending.
Councilman Jake Gano, who's been heading up the CRA changes as chair of the Economic Development Committee, said a copy of the ordinance must be published twice in a publication for two weeks.
He had no estimate for when the new CRA program will become effective.
Once it does take effect, property owners in several residential areas that weren't part of the current CRA will be permitted to apply for a tax break on the increased value for new construction.
In December, council approved legislation that preserved part of the current CRA map or pre-1994 CRA.
This latest ordinance approved Tuesday forms the new post-1994 CRA which will allow for more properties to qualify for the tax break on increased values of new construction.
The ordinance also designates the city zoning officer as the administrator of the program and outlines the rules for creating a community reinvestment housing council and tax incentive review council.
Under the CRAs, property owners can also seek a tax break on the increased value created by remodeling besides new construction. The tax breaks can be sought for residential, commercial and industrial development.
In other business, council also approved an ordinance related to the local administration of the housing revolving loan fund in an agreement with the state of Ohio, Development Services Agency, Office of Community Development.