CMSC’s President & CEO, John Simone, testified before the Finance, Revenue and Bonding Committee to save Community Investment Act (CIA) funds. The Governor’s proposed budget calls for a sweep of these funds that would effectively end the program over the next two years.
Under the CIA, a $40 recording fee is collected on every real estate transaction in the state, then distributed in support of four key areas: 1) preserving farmland 2) protecting open spaces, 3) historic preservation and 4) creating affordable housing. This program has received national attention for progressively using land-use fees to support comprehensive land-use planning and development.
CIA funds are the source of CMSC’s Preservation of Place (POP) grant program. To date, CMSC has provided 51 grants totaling $446,000, which leveraged an investment of $1.2 million in our downtowns. The CIA also provides the source funds for CMSC’s award-winning Come Home to Downtown program.