CRA Tax Abatement Program

The purpose of the CRA is to encourage revitalization of the existing housing and building stock and the construction of new structures. The Community Reinvestment Area is a state-sanctioned program that allows the Columbiana City Council to grant 100% tax exemptions for 15 years* on the increase in the accessed valuation resulting from improvements. Act now to take advantage of this limited time incentive to build your new home in The Back Bay!



How Does It Work?

Residential

The purpose of the CRA is to encourage revitalization of the existing housing and building stock and the construction of new structures. The Community Reinvestment Area is a state-sanctioned program that allows the Columbiana City Council to grant 100% tax exemptions for 15 years* on the increase in the accessed valuation resulting from improvements. Act now to take advantage of this limited time incentive to build your new single family home in Old Saybrook!

Business

Prior to construction business applicants will pick up and fill out an application (CRA Form 1 and CRA Form 2). The business may begin construction of its facility after steps 1-12 of the business process (CRA Form 2) are completed. All commercial and industrial projects are required to comply with the state application fee and the local annual monitoring fee. Click here for Details.

Click here to contact us and learn about how you can take advantage of the C.R.A.