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Eastern Shore Land Conservancy is committed to preserving and sustaining the vibrant communities of the Eastern Shore and the lands and waters that connect them.

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Preservation Maryland Tag

Why Eastern Shore residents should care about saving the Historic Tax Credit

Caught up in the current effort to reform the federal tax code is a critical program that has completed nearly $25 million worth of rehabilitated historic buildings on Maryland’s Eastern Shore since 2002. The Federal Historic Tax Credit (HTC) is a 20% credit on the cost of rehabilitating a historic building and is a powerful and efficient tool for revitalizing our nation’s small towns and cities. For every $1 invested by the federal government, the program attracts nearly $4 in private investment. Better yet, for every $1 in credits, the program returns $1.20 to the federal treasury – actually yielding a profit for the government. The results have been stunning and have changed the outlook for many communities. On Maryland’s Eastern Shore the program has a long history of revitalizing communities while also saving important historic buildings. Since 2002, in Easton alone the program has incentivized the rehabilitation of $10 million worth of buildings – from main street shops to former industrial buildings. A perfect example is the McCord Laundry facility, home to the Eastern Shore Conservation Center – a mixed-use campus of nonprofit organizations, businesses, and apartments. In Cambridge, the program is supporting the rebirth of Race Street, providing critical equity to make the rehabilitation of the Hearn Hardware Building a reality. The formerly vacant and crumbling building will now host market rate apartments and first floor retail space; yet another positive outcome thanks to the Historic Tax Credit. Elsewhere in Cambridge, the Historic Tax Credit is incentivizing an ambitious and potentially catalytic project that will convert the vacant Phillips Packing Co.’s Factory F into a hub of commerce, industry, and education. Without the Historic Tax Credit and the New Market Tax Credit program, which is also seriously threatened, tackling difficult projects like this in rural communities would not be possible. Repeal of

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Sen. Cardin to visit Phillips Packing Plant in Cambridge Friday, March 10th

U.S. Senator Ben Cardin (D-MD) will be visiting Cambridge, Maryland on Friday, March 10, 2017. More specifically, he will join representatives from the Eastern Shore Land Conservancy (ESLC), Baltimore’s Cross Street Partners, and Preservation Maryland for a tour and media availability regarding The Packing House – a historic tax credit rehabilitation project. In addition to addressing the media and answering questions immediately following the tour, Senator Cardin will spotlight his new legislation to improve the federal historic tax credit program, which will benefit rural communities and small towns across Maryland. A partnership between ESLC, Cross Street Partners, and the City of Cambridge, The Packing House (ThePackingHouseCambridge.com) is an urban revitalization project that seeks to repurpose the historic, 60,000 square-foot Phillips Cannery building in Cambridge into an active, mixed-use plan for office and food-related innovation. This structure is the last standing piece of the storied Phillips Packing Company empire, which employed thousands in Cambridge and served as the largest supplier of rations to American troops in World War II. The project was recently awarded a $3M historic tax credit for revitalization of a structure located within an underserved community. Plans include an array of food-related uses that acknowledge and support local hunger and nutrition needs, building off of the Eastern Shore’s agricultural resources and a growing local food economy of growers, makers, distributors, retailers, and restaurants. The ambitious vision to renovate and repurpose the former Phillips ‘Factory F’ is key to the continued revitalization of Cambridge, including Cannery Park – the adjacent 6.6 acres of land which includes the Cambridge Creek headwater area that will begin a stream restoration process this coming spring. The event is free and open to interested members of the public, friends of ESLC, and the media. For members of the media planning to attend the grand opening of the Harriet Tubman Underground Railroad Visitor Center immediately afterwards, a

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Recent Posts

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  • This Is Why I Preserve: Pat Langenfelder
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  • Cannery Park Planting and Clean Up