BALTIMORE-The past success of the redevelopment of former mills properties in the Jones Falls neighborhood has caused a mixed-use project's failure to qualify for New Market Tax Credits.
An executive with Terra Nova Ventures, which plans to develop a $19-million project to convert the Whitehall Cotton Mill into apartments, offices and retail, told the Baltimore City Council last week that the venture failed to qualify for the tax credits, according to the Baltimore Sun.
“The bad news for us is with the new 2010 census data, it's no longer distressed," Terra Nova Ventures founder David Tufaro said. "The good news is that development has occurred in the area over time. ... That's the goal we're trying to achieve."
In the census tract that includes Whitehall Cotton Mill, the median family income rose from approximately $30,500 in 2000 to $70,500 in 2010. The economic growth during that time in the former distressed area has made projects in the tract ineligible for New Market Tax Credits. See story in the Baltimore Sun.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
