GOVERNOR MARTIN O’MALLEY TO ANNOUNCE RECIPIENTS OF SUSTAINABLE COMMUNITY TAX CREDIT

$11 million in credits will leverage commercial and residential construction projects to create an estimated 740 construction jobs

ANNAPOLIS, MD – Governor Martin O’Malley will announce today the ten recipients of the latest round of Sustainable Communities Tax Credits, which will help create 740 construction jobs in projects that will revitalize communities and promote green building practices around the state.  Ten projects that scored highest in the application process will receive a total of $11 million in tax credits. A total of 36 applications were received seeking $40 million in tax credits.

Last year, Governor O’Malley successfully proposed an enhanced version of the Historic Tax Credit, transforming it into the Sustainable Communities Tax Credit to create jobs, spur economic development, and revitalize neighborhoods.  The Heritage Tax Credit in its 14-year history has invested more than $347 million in Maryland revitalization projects since 1996.  Those projects have produced more than $1.5 billion in total direct rehabilitation expenditures by owners and developers.  Coupled with wages, both construction and new jobs, and State and local revenues generated, this equates to more than $8.50 in economic output for every $1 invested by State government.  

WHAT:           Governor O’Malley to announce recipients of Sustainable Communities Tax Credit

WHEN:           TODAY, Friday, February 11, 2011 at 11:30 a.m.

WHERE:         Hoen Lithograph plant site

2101 E Biddle Street

Baltimore