Developers will soon be able to get tax breaks if they build affordable housing in Hyattsville. While many municipalities offer tax credits to lure developers, Hyattsville is believed to be the first of Prince George’s County’s 27 municipalities to tie these tax credits to the production of affordably-priced housing units.
The move, approved at Hyattsville’s Aug. 10, 2020, City Council meeting, revises Hyattsville’s Revitalization Tax Credit program, which gives developers tax breaks for new construction near Prince George’s Plaza and West Hyattsville Metro stations and the Gateway Arts District along Baltimore Avenue. Previously, any project that significantly added to the city’s property tax base could apply for the tax credits. The developers behind the EYA Arts District development and the forthcoming Armory development have applied for these credits.
The revisions add “production of affordable housing” to the list of eligible projects for the tax credits.