Funding & Policy Terms#

Community Development Block Grant (CDBG)#

An annual federal grant from HUD to communities of 50,000+ people for housing, economic development, and public services benefiting low- and moderate-income residents.

Why it matters: Lakewood is a CDBG entitlement community, meaning it receives annual grants directly from HUD. The Department of Planning and Development administers these funds for housing rehabilitation, infrastructure, and economic development programs.

Learn more: Lakewood Housing | HUD CDBG

Commercial Property Revitalization Program#

A City of Lakewood program providing rebates to businesses and property owners who complete storefront improvements along the city’s commercial corridors.

Why it matters: The program specifically targets Detroit Avenue, Madison Avenue, and Berea Road — Lakewood’s three commercial corridors — to maintain and improve the streetscape and attract businesses.

See also: Startup Lakewood

Learn more: Lakewood Commercial Development

Community Reinvestment Area (CRA)#

An Ohio state program that provides property tax abatements for new construction or renovation in designated areas to incentivize private investment.

Why it matters: The Lakewood Common redevelopment site was designated a CRA, allowing a property tax abatement on structures for up to 15 years. The city, school district, and developer split excess revenues generated by the project’s TIF.

See also: Tax Increment Financing (TIF)

Learn more: Ohio CRA Program (ORC §3735.65)

Impact Fees#

One-time charges assessed on new development to fund infrastructure improvements (roads, water, sewer, parks) needed to serve the new development.

Why it matters: As a fully built-out city, Lakewood’s development is primarily infill and redevelopment rather than greenfield. Impact fee structures must account for existing infrastructure capacity rather than entirely new systems.

Learn more: MRSC Impact Fees

Main Street Program#

A revitalization approach developed by the National Trust for Historic Preservation that focuses on economic development within the context of historic preservation for traditional commercial districts.

Why it matters: LakewoodAlive is a member of Heritage Ohio, the oversight organization for the Ohio Main Street Program. The organization achieved National Main Street designation in 2005, guiding revitalization of downtown Lakewood’s commercial corridors.

Learn more: LakewoodAlive | Heritage Ohio

Startup Lakewood#

A City of Lakewood initiative designed to make Lakewood a more appealing place for entrepreneurs to build and grow businesses.

Why it matters: The program supports Lakewood’s small business character — 95% of the 300 businesses on Madison Avenue are locally owned. The initiative complements the Commercial Property Revitalization Program.

Learn more: Lakewood Commercial Development

Tax Increment Financing (TIF)#

A public financing tool that uses the increase in property tax revenue generated by new development to pay for infrastructure improvements that support that development.

Why it matters: TIF was a key financing mechanism for the Lakewood Common project. The city, Lakewood City Schools, and the developer equally split excess TIF revenues. The city also approved a $5 million loan to build the project’s parking garage.

Learn more: Ohio TIF Summary (PDF) | Crain’s Cleveland Business

Tax Abatement#

A reduction or elimination of property taxes for a defined period, used to incentivize development, renovation, or other investment.

Why it matters: Tax abatements are a common tool in Northeast Ohio for encouraging development. The Lakewood Common project includes a CRA-based abatement. Understanding the terms (duration, scope, what’s abated) is important for evaluating whether public benefits justify the tax revenue foregone.

Learn more: Ohio CRA Program (ORC §3735.65)

Last updated: February 2026