Finding funds for your preservation rehabilitation project can be complex and confusing. Fortunately, in Maryland, there are many programs designed to help private property owners maintain and rehabilitate their historic structure. Historic tax credits are a critical tool and may be just the funding boost you need to get your project completed!
One of the most popular community engagement activities in Smart Growth is the Main Street Program. In 1998, the Maryland Department of Housing and Community Development created a comprehensive downtown revitalization program called Main Street Maryland. For more than 20 years, this program has improved the economy, appearance, and image of Maryland’s downtown districts.
Maryland Statehouse in morning light. Photo by Pamela Wood.
Governor Hogan’s FY22 Budget Retains Level Funding for Preservation Programs
01/20/2021 By Elly Colmers Cowan
On January 20, 2021, Governor Hogan released his FY22 budget, which retains funding for several key preservation programs.
Budget press conference, Annapolis, January 19, 2021. Photo from the Governor’s Office.
The Governor’s budget is a blueprint for spending that will next be taken up by the members of the Maryland General Assembly. In a tough budget year, Preservation Maryland is pleased to see funding in the budget for preservation programs.
Unfortunately, most remain woefully underfunded. Once again, the Historic Revitalization Tax Credit is budgeted to receive only $9M for the entire state, a far cry from neighboring Virginia’s $100M or even West Virginia’s $30M. Considering the proven 8:1 return on investment to the state and the potential economic and community revitalization that comes as a result of historic tax credit projects, the starvation-level funding to the program seems short-sighted especially when the state needs to be investing in stimulating economic recovery and job creation.
While these programs are funded in the Governor’s budget, there is no guarantee that that funding will be retained in the final version passed by the Maryland General Assembly before the end of Session in April. Preservation Maryland and our supporters stand ready to defend these programs as the budget moves through the legislative process.