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Board approves PILOT for James Place Apartments to preserve 16 deeply affordable units
Summary
The Board of Estimates approved a 40-year payment-in-lieu-of-taxes agreement for James Place Apartments in the Bromo Arts & Entertainment District; city staff said the PILOT — the only city subsidy in the project — makes 16 units affordable at 50% AMI possible and yields an estimated annual payment of about $34,000.
The Board of Estimates on Feb. 19 approved a payment‑in‑lieu‑of‑taxes (PILOT) agreement between AMCP Franklin LLC and the mayor and city council of Baltimore to support James Place Apartments, a 68‑unit residential project in the Bromo Arts & Entertainment District.
The payment was presented by Alice Kennedy, Housing Commissioner, Baltimore City Department of Housing and Community Development, who said the property includes 42 newly constructed units and…
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