Harbor Bank of MD Receives $70M in Federal Funding
Harbor Bank of Maryland received $70 million in tax credits this week from the Treasury Department under the New Market Tax Credit Program (NMTC), intended to spur revitalization efforts of low-income communities across the United States.
MD Nonprofit Art Organizations Contributed $1.16B to the State Economy Last Year
Nonprofit art organizations in Maryland contributed $1.16 billion to the state's economy in the 2015 fiscal year, a 10 percent increase from the year before, according to annual economic impact report from the Maryland State Arts Council.
MEDA Discusses Rural Economic Development
Maryland's commerce secretary gave some advice to local economic development professionals Thursday, Dec. 1, at a rural economic development session.
Small-Scale Manufacturers See New Markets Tax Credits as Future Hope
On Nov. 17, the U.S. government's Community Development Financial Institutions Fund announced it was awarding an unprecedented amount of tax credits to investors focused on job creation and other economy boosters in communities hit hard by poverty. The amount of the credits, known as New Markets Tax Credits, totaled $7 billion, with about 60 percent of that going to urban areas.
Hogan Plans $765M Replacement of Nice Bridge in Southern MD
The two-fold announcement at the base of the bridge launched a massive infrastructure project, and set the stage for a war of words when the Democratic-controlled General Assembly convenes in January.
Howard County Council Delays Vote on Downtown Columbia Overhaul
The council moved its vote on the package, which includes competing plans to incorporate affordable housing and a $90 million public financing deal. The public financing deal, called tax increment financing, earmarks future tax revenues from the downtown development to pay back county bonds and other costs associated with the new development.
Why VA and MD are Lapping DC in the Brewery Boom
Greater Washington's brewery boom merits a hearty hoist of the pint glass. The number of breweries in the region has grown from a mere dozen to more than 75 in the past five years, with several more on the way. But most are in Virginia and Maryland, with only 12—six production breweries and six brewpubs—in D.C. proper. City swillers find themselves crossing state lines with envy, wondering why the District isn't seeing more substantial growth.
VA, MD Will Miss DOT's Deadline for Metro Oversight
Virginia and Maryland have told Transportation Secretary Anthony Foxx that they aren't going to create a new oversight body for Metro before DOT's deadline of Feb. 9, 2017, the Washington Post reports. The transportation secretaries for Maryland and Virginia sent letters to Foxx saying that legislative calendars and logistical issues will prevent the states from getting an agency up and running by February.
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