Developers and others worry expiring tax credit could slow Baltimore city housing market
When Avendui Lacovara, a Baltimore real estate agent, heard the Maryland General Assembly did not renew a property tax credit for newly constructed homes in the city in this past session, she called her city councilman and developers to see what could be done.
To the dismay of Lacovara and many in the city’s development community, the 23-year-old program will expire on June 30 for the upcoming fiscal year after members of the legislature discovered too late in the session that the program needed to be renewed.
“It’s another tool to help reinvest in neighborhoods,” Lacovara said.
The tax credit, designed to encourage the construction and purchase of new or completely renovated homes, helped spur redevelopment efforts in city neighborhoods, developers and others say. Over the program’s life, about 5,000 homes have received the tax credit.
Read more: https://www.baltimoresun.com/business/real-estate/bs-tax-credit-expires-20190614-story.html