County Council Hearing: Teardown Fairness Act
December 3 @ 7:00 pm - 9:30 pmFree
The Teardown Fairness Act is a piece of legislation being considered at this hearing that closes the impact tax loophole and would provide more funding for affordable housing and school construction, two of AIM’s top priorities!
Currently, new development pays taxes to address the impact it has on the community in terms of affordable housing and school construction. However, in situations where a developer tears down a home and replaces it with a completely new home, the developer is not currently required to pay for its impact. This bill will fix that loophole.
On average, homes being bought for redevelopment sell for $700,000 and are resold for $1.75 Million. These developers should be held accountable for the impact they are having on communities, beginning with closing this tax loophole and providing funding for affordable housing and school construction.
If you believe in affordable housing and new school construction in Montgomery County, join us on December 3 to fight for the Teardown Fairness Act. We’ll meet at 7pm in the ground floor cafeteria of the County Council building to prep, before heading up to the third floor for the hearing from 7:30-9:30pm.