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Board of Estimates approves 20-year tax pilot to preserve 204 affordable units in West Baltimore
Summary
The Board of Estimates voted to approve a 20-year payment-in-lieu-of-taxes (PILOT) for the Westview project, a transaction city finance staff say is necessary to preserve 204 apartments for households at 50% of area median income (AMI) or below.
The Baltimore City Board of Estimates on Jan. 8 approved a 20-year payment-in-lieu-of-taxes (PILOT) agreement for the Westview project, a multi-building acquisition and renovation in West Baltimore that officials said will preserve 204 apartments for households at or below 50% of AMI.
City finance staff said the pilot is needed to make the redevelopment financially feasible for the developer and to ensure the units remain available to low-income families.
Bob Senamy, Deputy Finance Director, described the project’s financial assumptions and the effect of the proposed pilot: “if the, project…
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