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Rural-zone tax credits aimed at reviving small downtowns, DCA says
Summary
DCA outlined the rural zone program for towns with populations under 15,000 that concentrate older downtown buildings. The program requires a local master plan, market analysis and new-job creation to qualify and offers job credits plus investor acquisition and rehabilitation credits.
The Department of Community Affairs described the rural zone program created after 2017 legislation to support small downtowns.
Rusty Haywood said eligible communities must be under 15,000 in population, include a central business district with a concentration of buildings at least 50 years old and submit a master plan and market analysis. "Within the first handful of months, they had several dozen buildings in the downtown area that had been acquired," Haywood said of Bainbridge, which he identified as an early success in the program.
