High Performance Market-Rate Rental Housing Tax Credit
Baltimore has extended the 10-year High Performance Market-Rate Rental Housing Tax Credit aimed at encouraging development of new or converted market-rate apartments in the City. The tax credit is based on the increase in the value of real property due to improvements that were made.
Citywide 10-year tax credit:
- For newly constructed, wholly renovated, or converted from non-residential building
- Contains 20 or more residential units
- Construction/conversion costs exceeds $60,000 per unit
- Meets minimum of LEED Silver certification or the Baltimore City Green Building Code Standard Two Green Star rating
- Projects that are eligible for the City’s Historic (CHAP) Tax Credit are not eligible
Below is the breakdown of the 10-year tax credit.
| Citywide 10-year | |
|---|---|
| Year 1 | 80 percent |
| Year 2 | 80 percent |
| Year 3 | 80 percent |
| Year 4 | 80 percent |
| Year 5 | 80 percent |
| Year 6 | 70 percent |
| Year 7 | 60 percent |
| Year 8 | 50 percent |
| Year 9 | 40 percent |
| Year 10 | 30 percent |
To apply for the tax credit, please visit https://propertytaxcredits.baltimorecity.gov/. For more information, please contact us at info@BaltimoreDevelopment.com.