Before summer recess, a bill was introduced in the Ohio Senate that would allow townships and municipalities to designate Neighborhood Development Areas (NDAs) in their territories if they make certain findings regarding their local housing stock. Similar to Senate Bill (SB) 212 from the 133rd General Assembly, SB 329 requires the township or municipality to find: (i) there is a lack of adequate affordable or workforce housing or that there is a housing shortage in the municipality or township; (ii) the NDA designation will encourage the construction or renovation of residential buildings in the area, and (iii) such construction or renovation would be unlikely to occur without the designation.
SB 329 would allow for a property tax exemption for certain residential property within a NDA for up to 10 years. School district approval would be required for exemptions in excess of 75 percent. Read the full bill language and LSC analysis here.
The bill has been referred to the Senate Insurance Committee. No hearings have been scheduled. Please add this bill to your list of issues to discuss with your district’s leadership team, boards of education, and legislators.