Eligible projects include: Purchase of property; lease of property; purchase of property with major improvements or new construction; rehabilitation of property which includes 20 percent of true and full value of residential property, 50 percent of true and full value of commercial property; and historical preservation and rehabilitation.
Tax incentives include:
- Up to 100 percent exemption on business income taxes.
- Up to five years of property tax exemption for both residential and commercial structures.
- Up to $10,000 tax credit per year for five years on qualified single-family homes.
- Up to 25 percent tax credit for historic property on the amount invested.