Ohio Governor Mike DeWine has announced a new program to help return vacant and dilapidated buildings to productive economic use. The Demolition and Site Revitalization Program will provide $67.3 million for the redevelopment of more than 1,000 properties within the state.

While the Ohio program is primarily focused on demolition of dilapidated buildings, these state initiatives complement NAIOP's federal efforts to pass legislation that would incentivize the conversion of vacant commercial office properties to residential use, many of which would be in downtown corridors. NAIOP was instrumental in the introduction of H.R. 9002, The Revitalizing Downtowns and Main Streets Act, last month. The bipartisan legislation, introduced by Reps. Mike Carey (R-OH) and Jimmy Gomez (D-CA), would create a new 20% tax credit to make possible the conversion of many underutilized or vacant commercial properties to residential use.

NAIOP is working with its local chapter network to encourage local city councils and other elected officials to voice support for passage of H.R. 9002 and support federal efforts to revitalize communities across the U.S., and for similar efforts in Canada.