This is, overall, great news. The City of Cleveland is instituting green standard (LEED) requirements in order for new or rehabbed projects to receive tax abatement. Haven’t I been saying this for a few years, that this was the way to go with abatement. The new standards will take affect in January 2010. You can read a handbook about the new green standards here. It’s also a historical compilation of the standards that had to be met over the last few years.
If you had plans to do some tax abatement worth rehabbing of your existing property, stop by at City Hall to pick up a complete copy of the new guidelines. In reality, it’s worthwhile to do green improvements anyway but you do need to know how you can accrue points in this new abatement system before you get started.
If you have a sale in progress that isn’t going to close by January 1st, well, I suggest you have your Realtor® do some research for you.
Peace Out 3C
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