Community Reinvestment Area Program
The Community Reinvestment Area (CRA) program is a real property tax exemption on new investment (new building construction or major renovation). The CRA is eligible to commercial and industrial companies, as well as retail and housing developments. The Village of Newtown Council adopted Resolution 39-2008, CRA #2 (Village-wide CRA), which supersedes the two CRA’s that were established in 2006.
The CRA program encourages new investment in the Village of Newtown through the rehabilitation and new construction of buildings and homes through property tax incentives. Property tax abatement is available for increased valuation that results from the improvement to property.
Residential CRA’s goal is designed to stimulate rehabilitation, retain residents and attract homeowners. Commercial CRA’s are designed to facilitate the retention and expansion of businesses and the retention and creation of jobs.