The Ohio Community Reinvestment Area Program (CRA) legislation became effective in November of 1977. In 1979 Troy City Council authorized use of the program for Troy residents in its first CRA area, the Historic District. Four areas would be added, but in 1998 Council closed these and reaffirmed the CRA for the Historic District.
The financial burden of construction can keep Troy home owners from making the improvements they need. The CRA helps offset those costs, and makes home improvement more feasible.
Benefits to the community
Real property tax exemptions can be granted for an increased property valuation that results from improvements or new construction in the designated areas.
The Community Reinvestment Area Program is designed to encourage reinvestment in downtown homes and to preserve the historical value of buildings in Troy.