Tax Credits Leverage Projects Expected to Create Over 800 Jobs
(November 29, 2018) Crownsville, MD - The Hogan Administration announced today that the Maryland Historical Trust (MHT), a division of the Maryland Department of Planning (Planning), has awarded five projects more than $9 million in tax credits to leverage more than $58 million in related project costs.
“The Heritage Structure Rehabilitation Tax Credit is one of the most effective investment tools for strengthening Maryland’s local economies,” said Governor Larry Hogan. “The five projects awarded this year will bring new housing, commercial, and arts opportunities through redevelopment across Maryland.”
The Heritage Structure Rehabilitation Tax Credit, administered by MHT, has invested more than $401 million in Maryland revitalization projects since it began in 1996. The investments have helped restore more than 4,709 homeowner and 693 commercial historic structures, preserving buildings that contribute to the distinct character of Maryland's towns, cities and rural areas.
According to a study by the Abell Foundation, the program has helped to create an estimated 29,101 jobs through construction and new or expanded occupation of these significant historic resources.
“Planning supports historic rehabilitation while advancing community revitalization and economic development,” said Planning Secretary Rob McCord. “This funding helps encourage preservation and adaptive re-use of historic buildings and enhances the enjoyment of our state’s history, culture and scenic beauty.”
Seventeen applicants had sought $27 million in tax credits for construction projects totaling more than $233 million in estimated costs.
The five applications selected for the 2019 tax credits were based on an established set of criteria, including those outlined by the U.S. Secretary of the Interior for historic building rehabilitations.
The five award winners are:
Emerson Mansion - North Eutaw Place, Baltimore City Seventh Metro Church - East North Avenue, Baltimore City Visitation Frederick - East Second Street, Frederick, Frederick County American Ice Company - West Franklin Street, Baltimore City Ox Fibre Brush Company - East Church Street, Frederick, Frederick County.
Emerson Mansion - North Eutaw Place, Baltimore City $1,000,000.00 in tax credits awarded Estimated Total Cost - $5 Million
This large and exuberantly detailed Queen Anne styled, brick and brownstone mansion was built circa 1895 in the fashionable Eutaw Place neighborhood. The house was constructed for Captain Isaac Emerson who made his fortune with the invention of a headache powder known as Bromo-Seltzer. The structure was converted to office and institutional uses followed by vacancy which resulted in loss or obstruction of many of the building’s highly decorative finishes and features as well as deferred maintenance and vandalism that have significantly endangered the site. The rehabilitation of the mansion will reactivate this significant property to serve the neighborhood as a community resource center with an early childhood education center, community rooms and apartments on the upper floors.
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