|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 578
|
|
|
|
|
|
Martin O'Malley, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
property tax credits for exemptions for affordable and inclusionary housing in
Baltimore City.
BY adding to
Article - Tax - Property
Section 9-304(g) 7-504.1
Annotated Code of Maryland
(2001 Replacement Volume and 2006 Supplement)
Preamble
WHEREAS, Economic diversity in Baltimore City, anchored by a strong and
stable middle class and including homes for the full range of Baltimore City's
workforce, as well as for seniors and others on fixed incomes, will stimulate economic
investment, promote neighborhood stability, and increase public safety for all; and
WHEREAS, The private sector, as the primary source of housing and economic
development activity in Baltimore City, is not solely, through its individual
development actions, able to create economically diverse neighborhoods or
developments or to develop housing for the broad range of incomes that will lead to
economic diversity; and
WHEREAS, In an effort to spur the development of affordable and inclusionary
housing, Baltimore City Council Bill 06-0558 would grant the owners of rental
residential developments that offer inclusionary housing a property tax credit
exemption on the enactment by the Maryland General Assembly of enabling
legislation to authorize the property tax credit exemption: now, therefore,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-304.
(C) (1) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY MAY
GRANT BY LAW, A PROPERTY TAX CREDIT UNDER THIS SUBSECTION AGAINST
THE COUNTY PROPERTY TAX IMPOSED ON MIXED INCOME RENTAL
RESIDENTIAL DEVELOPMENTS THAT:
(I) OFFER AFFORDABLE UNITS; AND
(II) ARE OWNED BY QUALIFYING OWNERS.
|
|
|
|
|
|
|
|
|
|
- 3761 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
