DOWNTOWN/WATERFRONT DEVELOPMENT DISTRICT INCENTIVES

Tax credits and exemptions from impact fees are in place for eligible owners of property which is located in a designated redevelopment zone, called the Downtown/Waterfront Development District.

The City of Cambridge has instituted incentives for significant property improvements within the municipality's designated Downtown/Waterfront Development District.

The Tax Credit Program stipulates that any property owner, who completes the qualifying improvements within the stated time period, shall be entitled to a municipal real property tax credit over a four year period. The Impact Fee Abatement Program offers owners of property within this same area of the City a waiver. This program lasts for a period of five years,

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SENIOR TAX CREDIT

The City of Cambridge has instituted an incentive for  'seniors'  moving into the city.

Qualifying seniors who purchase a residential unit within the City of Cambridge and who will reside in the said residence as his or her primary home shall receive a tax credit on their annual municipal real property tax bill for that residence. This credit is extended for three (3) consecutive years beginning with the tax/fiscal year immediately following the date of acquisition of the property, given the application is received by the May 1st deadline.

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CAMBRIDGE VENTURE FUND

The new Cambridge Venture Capital Fund I, LLC, is offering entrepreneurs up to $50,000 each in assistance in downtown Cambridge on Maryland's Eastern Shore. The $250,000 fund has been established by local business people who want to invest in the core of downtown Cambridge.

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CAMBRIDGE FACADE IMPROVEMENT PROGRAM

Funding is available now on a reimbursable basis for residential and commercial properties within the Cambridge Sustainable Community District.  Interested property owners can receive funds for eligible exterior renovations while grant funds last. For additional information or to begin the simple application for the Façade Improvement Program please call Cambridge Economic Development Department.

For brochure click below:

For questions on any of the incentives above, call 410-221-6074.