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In August of 2006, the Covington Commission adopted a new zoning code which allows art studios and galleries as “permitted” uses in many of the historic “corner store” buildings located throughout the city. The prevalence of these buildings combined with very low real estate prices make them perfect for artists who have always wanted a live/work space but could never afford it. Studios and galleries are now permitted commercial uses in the any of the following zones: RU 2, RU 2A, RU 2B, RU 1, RU 0.5, CN, CG, CBD, CT.
City Hall also provides some financial incentives to purchase and rehab buildings in specific areas of the City. Artists interested in relocating have the flexibility to compare all of the resources available prior to making such an important decision. This flexibility is not found in other artist relocation programs in the US.
Some of the financial incentives include:
· $6000 (maximum) forgivable loan (not income based) to buy and restore (or create) a live/work space in the CARD (Covington Arts Residential District) through the CARD Homeowner Loan Program. · $5000 forgivable loan (income based) toward the purchase of an owner occupied home through the Homebuyer Assistance Program. · $2000 architectural assistance grant available to pay for the assistance of a registered architect in mixed-use buildings located in downtown Covington. · $1500 “Awning and Façade” grant to cover costs associated with buying new awnings, light fixtures and other façade improvements. · Property tax assessment freeze: Covington will freeze city property taxes at the pre-rehab level for a period of five years. · Arts and Technology Small Business Loan Fund: a program designed to encourage the growth and development of arts and technology related small businesses. · A 20% Federal investment Tax Credit is available for substantial rehabilitation of certified historic buildings that are income producing (commercial, industrial, or rental residential). · The State of Kentucky also offers a 20% credit against state income tax liability for the rehabilitation of historic commercial properties and a 30% tax credit for homeowners who rehabilitate historic properties.
Each program has different criteria. For specific information about these and other financial incentives, see the Economic Development and Housing pages of www.covingtonky.com.
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Artist Relocation |
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Incorporated in 1815, Covington, KY is an Ohio River city directly across from Cincinnati. Like many American cities, it experienced a decline in population, resources and economic vitality. Over the past few years, city leaders have looked for ways to combine the city’s many assets into a revitalizing plan. |
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Covington has a large number of historic properties, low urban real estate prices, access to 1.7 million customers (Cincinnati metropolitan area), riverfront views, easy international and national travel, and an open-mindedness not usually associated with the Midwest. Covington is, indeed, a progressive city in a conservative area – gay-friendly and embracing urban diversity. |