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MARYLAND GOVERNOR PROPOSES NEW TAX CREDIT PROGRAM

Friday, January 8, 2010 - 8:15AM

Maryland Gov. Martin O’Malley today announced plans to create the Sustainable Communities Tax Credit program, a $50 million, three-year program that would replace and improve upon the 14-year-old Heritage Structure Rehabilitation Tax Credit program set to expire in June. The governor also announced the $5 million award of Heritage Structure Tax Credits to four projects in Central Maryland, including Union Mill in Baltimore, Proctor House in Bel Air and two sites at the National Park Seminary development in Silver Spring. Seawall Development Community received $2.9 million of the award for the $20 million Union Mill development. The vacant manufacturing building will be converted into residential and commercial space.

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