The City of Erie is seeing renewed interest in real estate investment, immediately after the passing of the 10-year LERTA tax abatement program. That’s according to Mayor Joe Schember, who tells TalkErie.com, that his team is excited about the response in just the first seven business days since the LERTA was established.
“We’ve had 15 total permits issued, for a market value of $5,280,000. In the LERTA there’s some language that says that if we don’t get at least $10 million a year for the first two years, we’ll rethink it, revisit it. Well in the first seven days we are over halfway to that,” Schember said.
With every new building permit under the LERTA, a fee is paid by the homeowner or developer that goes toward a Community Development Fund to aid projects for low-income individuals.
