The Maryland Department of Housing and Community Development has announced the second application round of the Catalytic Revitalization Tax Credit program, which is designed to rehabilitate properties formerly owned by the government for economic and community development purposes. Eligible applicants can apply for the up to $15 million tax credit.
“By bridging the funding gap to redevelop these properties that have often been sitting vacant for a long time, the program allows these large redevelopment projects to bring new life to properties, and in turn serve the communities that surround them,” said Secretary Kenneth Holt. “The adaptive reuse of buildings is one of many tools the department deploys to revitalize areas and foster economic growth.”
One project will be chosen to receive the state tax credit, which provides up to 20 percent of total eligible project costs, with a maximum credit of $15 million for costs in excess of $75 million. Credits may be claimed each year for the first five years after the project has been put into service.
For more information, visit https://dhcd.maryland.gov/Pages/Misc/CRTC-NOFA.aspx.