Incentive/Financing Programs


Community Reinvestment Area Program (CRA)

  • Purpose - The Community Reinvestment Area Program is designed to encourage reinvestment in residences and to preserve the value of buildings in Troy. Community Reinvestment Areas are areas of land in which property owners can receive tax incentives for investing in real property improvements. Troy contains two Community Reinvestment Areas (CRAs), which combine to cover the entirety of the City.
  • History - The Ohio Community Reinvestment Area Program (CRA) legislation became effective in November of 1977. In 1979, Troy City Council authorized use of the program for Troy residents in its first CRA area, the Historic District (CRA #1). In 2019, the City amended the boundaries of a second CRA area, CRA #2, to encompass the entire City, with the exception of the area covered by CRA #1).
  • Community needs - The financial burden of construction can keep Troy home owners from making the improvements they need. The CRA helps offset those costs, and makes home improvement more feasible.
  • Benefits to the community - Real property tax exemptions can be granted for an increased property valuation that results from improvements or new construction in the designated CRA.


  • Troy Small Business Revolving Loan Program - The Troy Economic Development Revolving Loan Fund is a city administered program leveraging federal dollars to provide “gap financing” to businesses that have a primary lender. The Troy ED RLF strengthens cash flow and capacity position for the business by requiring less equity and providing a lower interest rate. In addition, the program is attractive for banks as the city helps guarantee the loan by taking a subordinate position.                                                                                                       
  • Small Business Development Program - The Troy Small Business Development Loan Program is a city administered revolving loan fund using local dollars. The program was designed to assist existing businesses that are expanding, but having difficulty securing traditional financing.


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