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11/18/2019 <br />ExistingCitywideCRAProposednewadditiontoCitywideCRAtorequireaffordabilityin <br />newconstruction <br />Fortheremodelingofeverydwellingcontainingnotmorethantwofamilyunits,includingindividual <br />condominiumunits: <br />CriteriafortaxabatementfornewmultiplefamilyresidentialconstructionincitywideCRA: <br />•Five(5)years,uponwhichthecostofremodelingisatleastTwoThousandFiveHundredDollars <br />Forthenewconstructionofmultifamilyresidentialprojects,over100units,thatincludea <br />($2,500)butlessthanTenThousandDollars($10,000). <br />minimumof10%oftheunitsrentedtohouseholdsmakingupto80%AreaMedianIncome <br />•Ten(10)yearsuponwhichthecostofremodelingistenThousand($10,000)ormore. <br />(AMI)and10%oftheunitsrentedtohouseholdsmakingupto120%AMI. <br />Fortheremodelingofeverycommonareaofacondominiumbuildingcontainingmorethantwounits: <br />•15yeardurationat100%exemptionontheimprovedvalueofthebuildingsonly. <br />•Five(5)years,uponwhichthecostofremodelingisatleastFiveThousandDollars($5,000)butless <br />•Landvaluewillbetaxedatmarketrate. <br />thanOneMillionDollars($1,000,000). <br />emodelingisOneMillionDollars($1,000,000)ormore.•Baselinetaxvalueshallbemaintainedfortheentiretermofabatement. <br />•Ten(10)yearsuponwhichthecostofr <br />Incensustracts1606.02and1617taxabatementfornewresidentialconstructionaswillbegrantedto <br />anindividualpurchaserasfollows: <br />•Thefirsttwo(2)yearsatOneHundredPercent(100%) <br />•Thefollowingthree(3)yearsatFiftyPercent(50%) <br />FY2019INCOMELIMITSFY2019INCOMELIMITS <br />HouseholdSizeHouseholdSize <br />%AMI12345678%AMI12345678 <br />80%AMI$41,300$47,200$53,100$58,950$63,700$68,400$73,100$77,850 80%AMI$41,300$47,200$53,100$58,950$63,700$68,400$73,100$77,850 <br />120%AMI$61,900$70,750$79,600$88,450$95,500$102,600$109,650$116,750 120%AMI$61,900$70,750$79,600$88,450$95,500$102,600$109,650$116,750 <br />Source:HUDUserDatasetfortheClevelandElyriaMSASource:HUDUserDatasetfortheClevelandElyriaMSA <br />2 <br /> <br />