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.
|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|
For more information, please contact us at info@BaltimoreDevelopment.com.