The Maryland Historical Trust recently announced it has awarded $9 million in Sustainable Community Tax Credits to six projects in the state. The tax credit is designed to promote private sector investment in the rehabilitation and use of historical structures, and to promote investment in local economies.
As reported by The Daily Record (subscription required to view full article),
“First of all, this is the money available for historic rehabilitation of commercial buildings,” John Coleman, the department’s spokesman, said in an emailed response to questions about the tax credits. “The program allows for underutilized commercial buildings to be rehabilitated and put into productive-use circumstances that without the credits could not be done. And lastly, many of these projects are able to secure permanent financing with the tax credit being awarded.”
The Maryland Historical Trust, an agency within the Maryland Department of Planning, received 19 applications requesting $32.4 million in tax credits. Projects awarded include two in Baltimore City, two projects in Cambridge, one project in Cumberland, and one project in Sykesville.