1/3/2008
4
How does the NRA work? (cont.)
l95% rebate on incremental increase over 10 years
l95% rebate on incremental increase over 15 years for qualified historic properties
l.5% of the rebate allocated for administration
l4.5% of the rebate allocated to Neighborhood Revitalization Fund
lRebate stays with property
lModeled after the 8th and Penn Plan
l