BALTIMORE-The Baltimore City Council passed a tax credit geared at encouraging developers to build apartment projects in the city.
The new tax credit is for developers that build or renovate properties with 50 or more units in the downtown district or several targeted areas in the city, according to the Baltimore Business Journal.
“We ran an analysis and thanks to some researchers at the University of Baltimore, we found that for each renter, there’s an economic impact of $44,000 (annually),” said Kirby Fowler, president of the Downtown Partnership of Baltimore Inc. on the passage of the new tax credit. “Each renter supports three-tenths of a job, so there’s that impact. And we can also attract new developers to our city.”
In addition to the downtown, properties located in sections of Bel Air Road and York Road; Reservoir Hill; Station North; Jonestown; Cold Spring Lane near I-83; and the University of Maryland BioPark would also be eligible for the tax credit. See story in the Baltimore Business Journal.