There are two types of High Performance Market-Rate Rental Housing Tax Credit – citywide 10- year tax credit and a 15-year credit for targeted areas. Both are 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.
Below is the breakdown for both 10 and 15-year tax credits.
|Targeted 15-year||Citywide 10-year|
|Year 1||100 percent||80 percent|
|Year 2||100 percent||80 percent|
|Year 3||80 percent||80 percent|
|Year 4||80 percent||80 percent|
|Year 5||80 percent||80 percent|
|Year 6||70 percent||70 percent|
|Year 7||60 percent||60 percent|
|Year 8||50 percent||50 percent|
|Year 9||50 percent||40 percent|
|Year 10||50 percent||30 percent|
|Year 11||40 percent|
|Year 12||30 percent|
|Year 13||20 percent|
|Year 14||20 percent|
|Year 15||20 percent|
For more information, please contact us at info@BaltimoreDevelopment.com. Application deadlines are rolling until Dec 31, 2017.