The Hogan administration has announced that the Maryland Historical Trust, a division of the Maryland Department of Planning, recently awarded seven historical revitalization projects more than $9 million in Historic Revitalization Tax Credits. The projects are slated to generate more than 700 new jobs for the state and provide approximately $33 million in additional investment.
“The Historic Revitalization Tax Credit is yet another one of our effective investment tools for strengthening Maryland’s local economies,” said Governor Larry Hogan. “The seven projects awarded this year will bring new housing, commercial, and arts opportunities through redevelopment across Maryland."
The Maryland Historic Revitalization Tax Credit Program encourages investment, rehabilitation, and re-use of historic buildings. Since its start in 1996, the tax credit program has helped make improvements to over 5,000 homeowner historic structures and over 700 commercial historic structures, as well as created an estimated 29,898 jobs through the construction and expansion of these resources. Rehabilitating and preserving these historic buildings helps to maintain the unique qualities of Maryland’s towns, cities, and rural areas.
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