Counties Back Public/Private Fund To Advance Smart Growth Projects

Leslie Knapp Jr., Legal and Policy Counsel, submitted written testimony on behalf of MACo to the Environment and Transportation Committee on Monday in support of HB 117 – Maryland Smart Growth Investment Fund. 

This bill would create a fund that would increase private investment in Smart Growth projects, establishing a new public-private tool that would assist State and county governments in meeting Smart Growth goals.

From MACo’s Testimony:

…The bill calls for a one-time State investment of $7 million and a private investment of at least $18 million. The Fund will not be created if the total committed capital is less than $25 million.  Additionally, the Fund would be compatible with opportunity zones established under the federal Tax Cuts and Jobs Act of 2017.

MACo supports the creation of the Fund as another “tool in the toolbox” to encourage private investment in areas targeted for redevelopment, infill, and revitalization. The Fund could provide an innovative development tool that complements the State’s existing array of grant, loan, and tax credit programs…

For more on 2019 MACo legislation, visit the Legislative Database.

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