The Maryland Department of Housing and Community Development (DHCD) will administer $200 million in financing tools and new programs to produce more than 6,000 additional rental housing units statewide.
The funding announcement comes as several supports addressing housing instability caused by the COVID-19 pandemic have either expired or are winding down including the statewide eviction moratorium and Emergency Rental Assistance Program. Governor Hogan discussed the importance of the new funding in a press release:
“During our administration, we have provided financing and tax credits to create or preserve more than 22,000 affordable rental units across the state—a level of production never before seen in the State of Maryland,” said Governor Larry Hogan. “To continue to build on these accomplishments, we are meeting the challenges created during the pandemic head on with a responsive set of tools to address shortfalls and create new housing opportunities.”
Included in the affordable rental housing initiative are several new or revised funding mechanisms:
- Increasing the Rental Housing Financing Program funds available for the 2022 competitive application round, which will be announced later this year.
- Increasing the amount of Rental Housing Works financing available for ongoing projects that have yet to close financing.
- Establishing the Construction Relief Fund to provide additional financing for previously funded 4% Low Income Housing Tax Credit (LIHTC) and Multifamily Bond projects that are experiencing cost shortfalls.
- Establishing the Development Relief Fund for projects that previously received a 9% LIHTC award.
- Establishing the Multifamily Capital Fund which will provide additional financing in FY23 for projects related to the State of Maryland’s economic growth and development activities and initiatives.
- Establishing the Emerging Developer Pre-Development Loan Fund to support projects by newer developers working with historically undercapitalized communities.
Marylanders seeking affordable rental housing can search Maryland listings that include information regarding accessibility features, amenities, affordability, and more at MDHousingSearch.org.