The Maryland Historical Trust (MHT), the State's lead agency for historic preservation, is accepting applications until August 31, 2011, for the Sustainable Communities Tax Credit Program for Fiscal Year 2012.
Maryland’s Sustainable Communities Tax Credit Program provides State income tax credits for the rehabilitation of existing buildings throughout Maryland. The tax credits, originally restricted to properties designated historic, are available for historic and non-historic properties. Non-historic properties are eligible if they are located in one of four areas: Designated Transit-Oriented Developments on light or heavy rail, Designated Main-Street areas (commercial and residential), Designated Maple-Street areas (residential), or Sustainable Communities.
Qualifying, income-producing properties can apply for tax credits ranging from 10 to 25 percent, depending on the nature of the building and the work being undertaken.
Funds for the tax credit program are appropriated annually by the General Assembly and awarded based on a competitive review process. For FY 2012 the General Assembly appropriated $7 million, down from $11 million in FY 2011.