Business and Financing Assistance

Business and Financing Assistance

A number of business assistance tools are available to prospective developers to facilitate projects that meet the City’s and the community’s vision for the redevelopment of the property. These considerations greatly enhance the economic feasibility of redevelopment. Potential purchasers are also encouraged to research other available Federal and state assistance programs and tax credits.

It is the prospective developers’ responsibility to confirm eligibility requirements for all incentive/tax credit programs.

High-Performance Market Rate Rental Housing Tax Credit (HPTC)

High-Performance Market Rate Rental Housing Tax Credit provides a credit against the tax imposed on the increased value of real property due to improvements that were made to the property immediately before the occupancy permit is issued. The credit begins at 100% of the tax imposed on the value in the first year of eligibility and decreases to 20% in years thirteen (13) to fifteen (15). Property owners qualify for the tax credit by constructing or converting fifty (50) or more new, high-performance, market-rate housing units. For further information, contact Baltimore City Department of Finance, Bureau of Budget and Management Research at (410) 396-5944.

Enterprise Zone Tax Credit

The subject property is located in the Enterprise Zone and may be eligible for the Enterprise Zone tax credit, which provides incentives to companies that make a capital investment within the city’s designated Enterprise Zone. The program includes a real property tax credit for the incremental property taxes created by a project and an employee tax credit for employees hired while the business is located in the Enterprise Zone. In addition, specific areas within the Enterprise Zone are also eligible for personal property tax credits. For additional information, contact Baltimore Development Corporation at (410) 837-9305 or visit www.BaltimoreDevelopment.com.

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