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Maryland Sustainable Communities Act

Maryland Sustainable Communities Act. HISTORY OF MARYLAND HISTORICAL TRUST HERITAGE TAX CREDIT PROGRAM. Maryland Sustainable Communities Act. Economic Impact of Rehabilitation. The greenest building is the one that is already built It is a model of Sustainable development

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Maryland Sustainable Communities Act

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  1. Maryland Sustainable Communities Act

  2. HISTORY OF MARYLAND HISTORICAL TRUST HERITAGE TAX CREDIT PROGRAM

  3. Maryland Sustainable Communities Act Economic Impact of Rehabilitation The greenest building is the one that is already built It is a model of Sustainable development Majority of these projects take place in existing communities where infrastructure is already in place Rehabilitation projects significantly impact local governments’ tax base The Baltimore Sun noted that for every dollar of State rehab tax credits generates $8.53 economic activity.

  4. Maryland Sustainable Communities Act Environmental Impact of Rehabilitation • Rehabilitation of existing buildings utilizes less energy than new construction • Commercial buildings built before 1920 are more energy efficient than commercial buildings built between 1921 and 2000 • Rehabilitation projects generate less landfill waste than new construction If we had demolished the buildings we rehabbed through this program over the last 14 years, the gasoline alone, just the gasoline to haul it would cost $158 million. The Abell Foundation estimates that the tax credit program has “saved” enough landfill material to fill the Ravens stadium to a depth of 50-60 feet.

  5. Maryland Sustainable Communities Act Social Impacts of Rehabilitation Significant Improvements to Community Legacy and Designated Neighborhood programs Rehabilitation projects, particularly those in distressed communities, serve as catalysts for further investment, helping to revitalize neighborhoods and stimulate new social and economic activity Tax Credits create opportunities for public-private partnerships, further leveraging public investment from all levels of government 90% of commercial project sponsors report that they would not have undertaken their project s if there had been no tax credit State tax credits have leveraged an additional $172.2 million in Federal Income Tax credits

  6. Governor Martin O'Malley Announces Plans for Sustainable Communities Tax Credit Program • Governor seeks $50 million, three-year program to create jobs, revitalize communities and better focus State resources • Governor O’Malley to announced $5 million in Maryland Heritage Structure Rehabilitation Tax Credits for four projects in Central Maryland.  Receiving awards are: - Union Mill in Baltimore City -Proctor House in Bel Air -Two projects at the National Park Seminary development in Silver Spring

  7. Department of Housing and Community Development

  8. Maryland Department of Transportation

  9. Maryland Sustainable Communities Act Key Components of Change • Create A Predictable Incentive For Project Sponsors • Provide Predictability For State Budget Outlays • Provide A Conventional Tax Credit To Eliminate Refundability for Most Commercial Projects • Incentivize “Green” Projects And Promote Energy Efficiency

  10. Maryland Sustainable Communities Act The Sustainable Communities Tax Credit is designed to encourage the redevelopment of historic buildings and revitalization of our older communities by offering project sponsors tax credits equal to 20% of eligible rehabilitation costs. American Can Complex, located in the Canton National Register Historic District BEFORE AFTER

  11. Changes to the Tax Credit • Rating system • Developer gets an initial credit certificate that can take to bank • 20% of qualified expenditures generally • 10% if non historic in a MAIN STREET OR A TOD • 25% if certified historic and LEED GOLD • Allocation for 3 years: $20 million in FY 2011; $15 million in 2012; and $15 million in 2013. • Non-historic credits can’t be more than 40% of credit certificates issued in a fiscal year  • Max of $3million per project in tax credit  • No Refundability • Expires October 1, 2013

  12. Maryland Sustainable Communities Act Overall Please work with us and your legislators to pass the Sustainable Communities Act of 2010 Save The Date!!!  Sustainable Communities Lobby Day in Annapolis   Wednesday, January 27, 2010 10am

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