Historical Trust awards granted to two Cambridge properties

Paul Clipper
Posted 11/19/15

Dorchester Banner/Paul Clipper The Herbert Hearn building was awarded $959,034.40 in tax credits for renovation. CROWNSVILLE – The Maryland Historical Trust, an agency of the Maryland Department of …

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Historical Trust awards granted to two Cambridge properties

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MD-Two Cambridge properties Hearn bldg Dorchester Banner/Paul Clipper
The Herbert Hearn building was awarded $959,034.40 in tax credits for renovation.
CROWNSVILLE – The Maryland Historical Trust, an agency of the Maryland Department of Planning, Wednesday announced the recipients of the latest round of Sustainable Communities Tax Credits. State funds provided by this program will help create over 650 construction jobs in projects designed to revitalize communities and promote green building practices. Six projects that scored highest in the application process received more than $9 million in tax credits to leverage construction projects with a cost of more than $50 million. 19 applicants from across the state had sought a total of $32,457,724 in tax credits for construction projects having a total estimated cost of $174,140,113. The six applications selected for the 2016 tax credit were based on an established set of criteria, including those outlined by the U.S. Secretary of the Interior for historic rehabilitation standards. The six selectees were: Hoen Lithograph – East Biddle Street Baltimore City; Footer’s Dye Works – Howard Street, Cumberland, Allegany County; Hearn Building – Race Street, Cambridge, Dorchester County; St. Michaels Church Complex – East Lombard Street, Baltimore City; Academy School – Mill Street, Cambridge, Dorchester County; and Sykesville Hotel – Main Street, Sykesville, Carroll County. Locally, the Hearn Building, on the 500 block of Race Street in Cambridge, has been in the news after suffering a partial wall collapse a few weeks ago. Ownership status of the building is still not settled as of this writing, but it is widely known that Stanley Keyser of Keyser Development Corp. of Baltimore, who is also a Cambridge resident, is interested in renovating the Hearn property. Originally constructed as a commercial hardware store and later used as a furniture store, this 1915 building is one of only a few large scale early 20th century commercial buildings surviving on the Eastern Shore. The intention of the tax credit money is that the building will be restored and repurposed to house rental residential apartments and retail spaces. $959,034.40 in tax credits were awarded to the Hearn Building. Also, the Academy School, on Mill Street in Cambridge, was awarded $287,500 in tax credits. This 1906 school building has been vacant and endangered for many years. The intended project will restore the exterior of the building and repurpose the historic classroom, library and office spaces for use as a senior living apartment building. The Sustainable Communities Tax Credit and its predecessor, the Heritage Structure Rehabilitation Tax Credit, administered by the Maryland Historical Trust, has invested more than $370 million in Maryland revitalization projects since it began in 1996. The investments have helped restore more than 4,198 homeowner and 638 commercial historic structures, preserving buildings that contribute to the distinct character of Maryland’s towns, cities and rural areas. According to a study by the Abell Foundation, the program has helped to create more than 27,000 jobs through construction and new uses of these significant historic resources.
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