State Awards $10M In Historic Preservation Tax Credits to Nine Maryland Projects
- Dec 15, 2014
Nine Maryland historic restoration projects will receive funding from the state, in the form of $10 million worth of tax credits. Seven of the projects are located in the Baltimore Metropolitan Area, according to state officials who made the announcement on December 10. The $10 million tax credits come from the Sustainable Communities Tax Credit Program, which is administered by the Maryland Historical Trust. The program is part of the 2010 Sustainable Communities Act. It helps preserve historic structures, while also providing an economic boost to individual communities.
According to the state, the $10 million tax credits will leverage an additional private investment of about $76.7 million. The nine Maryland projects are:
- Eastern Pumping Station/Baltimore Food Hub – A $15 million conversion project in Baltimore. It will receive $3 million in tax credits.
- Fells Point Recreation Pier – A $39.8 million hotel and restaurant project in Baltimore. It will receive $3 million in tax credits.
- Florence Crittenton Home – A $2.6 million apartment project in Baltimore. It will receive $520,000 in tax credits.
- Eastwick Motor Company – A $6.1 million project in Baltimore. It will receive $453,968 in tax credits.
- Carrollton Hall – A $3.9 million restoration of a 1832 mansion in Ellicott City. It will receive $780,480 in tax credits.
- Taylor’s Furniture Store – A $750,000 office and restaurant project in Ellicott City. It will receive $150,000 in tax credits.
- Doughoregan Manor Work House – A $300,000 residential project in Ellicott City. It will receive $60,000 in tax credits.
- Footer’s Dye Works – A $7,962,208 conversion project in Cumberland. It will receive $1,990,552 in tax credits.
- 511 Poplar Street – A $225,000 rehab project in Cambridge. It will receive $45,000.
“This tax credit is one part of our efforts to innovate, educate, and rebuild Maryland by repurposing empty buildings into active, vibrant sites for new businesses,” Governor Martin O’Malley said in a statement. “The Sustainable Communities Tax Credit is one of the most effective investment tools for strengthening our green economy, revitalizing critical historical sites, and creating family-supporting jobs for more Marylanders across our State.”
The Sustainable Communities Tax Credit Program has invested almost $360 million since it first started, in 1996. It helped restore 3,995 residential and 616 commercial historic structures in towns and cities across the state of Maryland.
According to the Maryland Historical Trust, the program has created more than 26,000 jobs through the construction and new uses of these structures. MHT expects it to create 894 jobs in 2015.