Atlanta Renewal Community CoRA, Inc.

History
The 2000 Community Renewal Tax Relief Act established the Renewal Community (RC) Program. This HUD-administered mandate targets commercial revitalization in designated census tracts with pervasive poverty, unemployment and distress. The program provides tax incentives to create new, and expand existing, businesses located in these areas, or to employ residents who live there. Atlanta was designated a Renewal Community in January 2002. Atlanta’s Renewal Community is comprised of 64 of the City’s poorest census tracts (99 neighborhoods) with over 195,000 residents, which is almost half of the City’s population.

The Atlanta Renewal Community CoRA, Inc. ("ACoRA") is a Georgia non-profit corporation created by the City of Atlanta to use RC tax incentives as a keystone to promoting economic development in the Renewal Community area. ACoRA is also responsible for administering the expenditure of remaining Title XX funds (approximately $54 million) from the City's 1994 Empowerment Zone designation. It is the City's intent to encourage the leveraging of RC tax incentives with EZ Title XX funds to support comprehensive community revitalization.