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Maryland Department of Housing and Community Development Announces Awards for Affordable Rental Housing
FOR IMMEDIATE RELEASE
Maryland Department of Housing and Community Development
Announces Awards for Affordable Rental Housing
20 projects across the state will create or preserve approximately 1,500 units
New Carrollton, Md. (March 21, 2017) – The Maryland Department of Housing and Community Development has announced the results from the most recent competitive application round for federal Low Income Housing Tax Credits and state Rental Housing Funds for affordable multifamily rental housing projects across Maryland. The department selected 20 projects to receive awards for the new construction and rehabilitation of approximately 1,500 rental units, including 224 units to be specifically set aside for individuals with disabilities. The department’s awards allocation for this competitive round is the largest in its history and will support projects in every region of the state, enhancing Maryland’s total affordable housing stock and continuing the high level of production established under the leadership of Governor Larry Hogan.
“The department’s affordable housing production has steadily increased each year during Governor Hogan’s administration, and this competitive application round continues that upward trajectory, marking an impressive and unprecedented level of investment,” said department Secretary Kenneth C. Holt. “Thanks to recent revisions made to the application guidelines with the input of our great development partners, the awards for this round are also among the most geographically diverse allocations in program history.”
Awards are determined through competitive application rounds held periodically by the department. For this latest competitive round, the department received 41 applications for projects in 15 counties and Baltimore City. The 20 projects selected will receive nearly $20 million in Rental Housing Funds and nearly $28 million in federal Low Income Housing Tax Credits. These awards are the largest total amount awarded in a single competitive application round.
The department’s Rental Housing Funds include a number of programs for rehabilitation or creation of rental housing which are designed to be compatible with tax-exempt or taxable bond financing, low-income housing tax credits, and other private or public funds. The federal Low-Income Housing Tax Credit Program was created to encourage the private sector to invest in the construction and rehabilitation of housing for low- and moderate-income families. States receive an annual tax credit allocation based on population.
For a list of awardees, visit Affordable Rental Housing Awardees March 2017.
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