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RENAISSANCE ZONE –RECENT LEGISLATIVE CHANGES <br />•Eligible projects may receive 8 taxable years of RZ benefits <br />•Previously only up to 5 <br />•Benefits exceeding 5 years, a rehab project must exceed 75% of the current true and full value <br />•Rehab previously 50% of the current true and full value <br />•RZ extensions may be granted in increments of up to 10 years <br />•Previously 5 years <br />•Communities may now have 2 “islands” <br />•Previously 1 <br />•Properties eligible for additional benefits after 30 years have lapsed from completion of initial project <br />•Renaissance Fund Organization will sunset after remaining credits are claimed, which are currently <br />reserved