Citing evidence that developers who specialize in historic rehab projects have focused their work in states that have more generous historic rehab tax credits,  Maryland Governor Martin O’Malley recently proposed reauthorization of the state’s historic tax credit as part of his “green, smart and growing” legislative agenda, according to an article in the Baltimore Sun. He called it “one of our state’s strongest and most valuable tools” for redeveloping existing communities and one that benefited Baltimore greatly while he was mayor.

Accompanied by members of the Task Force on the Future for Growth and Development in Maryland, Gov. Martin O'Malley announces the completion of their report during a news conference at the State House. (Baltimore Sun photo by Elizabeth Malby / January 12, 2009)

Accompanied by members of the Task Force on the Future for Growth and Development in Maryland, Gov. Martin O'Malley announces the completion of their report during a news conference at the State House. (Baltimore Sun photo by Elizabeth Malby / January 12, 2009)

O’Malley’s proposed legislation would reestablish the Historic Tax Credit as a true credit and provide up to $100 million in credits over a five year period.  Seeing the value in spurring redevelopment with a credit that only “costs” the state when projects are built and occupied, officials proposed to increase the credit in a tight budget year by (more…)

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