Elected officials, county housing staff and nonprofit affordable housing providers are optimistic that a new tax change can help create more affordable housing countywide.
County Council members unanimously approved legislation on Dec. 14 that tweaks a program that gives tax exemptions to developers that build affordable housing.
The bill amends the county’s payment in lieu of taxes (PILOT) program by changing how exemptions of property taxes are levied on certain projects.
The changes are outlined in a memo for the Montgomery County Council, including that the changes only apply to housing owned or controlled by the Housing Opportunities Commission (HOC) and nonprofit housing developers that build affordable housing.
Click here to read the rest of the article written by Steve Bohnel over at Bethesda Magazine
