Against the CRA
Editor: The new Community Reinvestment Act approved by the city of Columbiana raises several significant issues. The first involves the city’s ability and intent to provide millions of dollars in tax abatements. For example, people building a new house in Firestone Farms or Old Saybrook would receive a tax abatement of $60,000 or more. Higher end homes would qualify for even larger abatements. The newly proposed triplex, rental units would receive abatements of about $90,000 per unit. If the proposed 14 units are built, the tax abatement would be around $1.2 million. Getting ...