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May 11, 2017The Honorable Councilwoman Sharon Green MiddletonBaltimore City Council100 N. Holliday StreetBaltimore, MD 21202RE: Support for Bill 17-30 – High Performance Market Rate Rental Housing Tax Credit Dear Chairwoman Middleton and Members of the Taxation, Finance and Economic Development Committee:The MBIA Baltimore City Chapter, representing 1,100 business members in the City and across the State, supports Council Bill 17-30, which re-authorizes the citywide 10 year tax credit for high performance market rate rental housing that is newly constructed or converted. This credit has been responsible for the majority of recent multi-family real estate development projects citywide and without it; ongoing and future projects would likely be cancelled. Given the City’s disproportionately high property tax rate, the high performance credit is necessary to level the playing field and make development in all neighborhoods in the City feasible. This credit is and will continue to be an important tool towards creating quality, new housing across the City and will contribute to the revitalization of many City neighborhoods in the next five years of its authorization. The MBIA urges this Committee to give this ordinance a favorable report to continue the growth and development of Baltimore City. For questions or more information on the MBIA’s position, please contact MBIA Baltimore City Chapter Chair Sean Davis at sdavis@ or (410) 935-5050, or MBIA Vice President of Government Affairs, Josh Greenfeld, at jgreenfeld@ or (443) 515-0025. Thank you for your consideration of this important matter. Respectfully:Josh Greenfeld, Esq.Vice President of Government AffairsMaryland Building Industry AssociationCc: Catherine Pugh, MayorBernard C. “Jack” Young, Baltimore City Council PresidentCouncilman Leon Pinkett, Vice-chairCouncilman Ed ReisingerCouncilman Eric CostelloCouncilman Robert StokesWilliam Cole, CEO, Baltimore Development CorporationTom Stosur, Director, Planning Department Colin Tarbert, Deputy Mayor for Economic and Neighborhood DevelopmentKara Kunst, Office of the Council President ................
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