A Community Redevelopment Agency (CRA) is a dependent taxing district established by local government for the purpose of carrying out redevelopment activities that include reducing or eliminating blight, improving the tax base, and encouraging public and private investments in the redevelopment area. CRAs encourage redevelopment in targeted areas that are characterized by blight and disinvestment. By establishing a CRA, tools, funding and strategic planning are available to concentrate on redevelopment in order to incentivize private investment.
Examples of eligible CRA projects include...
Streetscaping and improvements, development of infill housing, recruitment of new businesses, park improvements.
IN SHORT...CRA's are designed to leverage public funds by encouraging private developers to invest in CRA districts.