SILVER SPRING, MD – There are more than 3,000 structures designated as historic in Montgomery County. Owners of those historic properties who maintain and rehabilitate the structures are eligible for tax credits that reward them for preserving a slice of county history.
Last week, the county Historic Preservation Commission recommended 59 applications for county tax credits worth some $98,000. The tax credits will go toward work completed in 2010. The HPC is staffed by historic preservation planners at the county Planning Department, who reviewed applications and assisted applicants.
The 59 applications, which were up from 46 last year, covered work performed on historic homes. Work ranged from a total rehabilitation to painting and roof replacements. Work done to building exteriors costing $1,000 or more is eligible for the credits.
The renovation projects represent about $1 million invested. These labor-intensive projects direct investment into the local economy through the hiring of local contractors and other workers. A 2009 study by the Abell Foundation, a Baltimore community development group, describes historic preservation tax credits as an “environmental-economic win-win.”
Many Montgomery County property owners benefit from county and state tax credits. Montgomery County is second behind Baltimore in the number of state rehabilitation tax credits for residential properties. Between 1996 and 2009, Montgomery County property owners received $6.3 million in Maryland rehab tax credits and invested more than $30 million in the rehabilitation of historic properties across the county.
# # #