What's Happening?
The Worthington City Council has approved a new workforce housing tax abatement program aimed at increasing affordable mixed-use housing in the city. The program offers tax breaks to developers who include units for individuals earning 60% to 80% of the area
median income in their projects. This initiative is part of Worthington's strategy to accommodate future growth and address the need for over 2,000 additional housing units identified in a recent study. The program targets developments in commercially zoned areas, requiring specific payroll and unit criteria to qualify for tax abatements.
Why It's Important?
This initiative is significant as it addresses the growing demand for affordable housing in Worthington and central Ohio. By incentivizing mixed-use developments, the city aims to diversify its predominantly single-family housing landscape and stimulate economic growth. The program aligns with broader regional goals to increase housing availability, as proposed by Columbus Mayor Andrew Ginther. The tax incentives are expected to attract developers and encourage the construction of affordable housing, which is crucial for supporting the local workforce and ensuring sustainable community development.
What's Next?
Worthington plans to continue exploring additional strategies to increase housing availability, including a $500,000 housing fund for the upcoming year. The city will monitor the impact of the tax abatement program and may adjust criteria to maximize its effectiveness. As the program unfolds, Worthington will assess its success in attracting developers and meeting housing goals. The city council will likely revisit the program to ensure it aligns with evolving community needs and economic conditions.
