An Analysis of the Baltimore Historic Preservation Tax Credit
Location: Baltimore, MD
Client: Baltimore Commission for Architectural and Historical Preservation
Date: September 2020
The Baltimore City Tax Credit for Historic Restorations and Rehabilitations does exactly what it was created to do – encourage property owners to invest in their historic buildings. That has happened more than 3,500 times representing private investment in Baltimore of nearly $1.2 billion. But the program has had an impact far beyond those 3,500 historic structures. Jobs have been created. Surrounding property values have increased significantly. Tax revenue has been generated, not just the amount from the CHAP credit projects themselves, but through investment in close proximity. Now that the credits are expiring on some properties, millions of new tax dollars are flowing to city coffers. The neighborhoods within which the CHAP credit projects have been undertaken have become neighborhoods of choice for homeowners, renters, investors, and newcomers to the city. The Tax Credit for Historic Restorations and Rehabilitations is not just an effective tool for historic preservation, but a community development tool to help Baltimore to grow and prosper as one of the great American legacy cities.
