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Project Restore Accepting Next Round of Applications in Early July

Project Restore Accepting Next Round of Applications in Early July

Application scheduled to open 7/7/2022 at 12:00 PM EST

Project Restore will provide $25 million to fill vacant retail and commercial buildings and support business investment, job creation, and economic growth in Maryland’s communities. Businesses opening or expanding into vacant retail and commercial properties may be eligible for Project Restore grants from the Maryland Department of Housing and Community Development. Project Restore grants can help new and growing businesses with rent payments and operating costs in their first year.

Project Restore provides two grant opportunities for businesses, including nonprofits, that are expanding, moving to or opening in a property that was previously vacant for at least six months:

Property Assistance Grant:  Provides up to $30,000 for one year to support costs associated with rent, mortgage payment or property improvements as applicable.  

Business Operations Grant: For businesses that generate sales and use tax, provides up to $250,000 per calendar year to support capital (property improvements, equipment etc.) and operating (staff salaries, marketing, inventory etc.) costs associated with business operations in the vacant property.  

Please visit https://dhcd.maryland.gov/projectrestore for more details and how to apply.



VIDEO AND PHOTO RELEASE: Governor Hogan Celebrates Revitalization Initiatives in Cambridge

VIDEO AND PHOTO RELEASE: Governor Hogan Celebrates Revitalization Initiatives in Cambridge

Redevelopment Projects Have Received More Than $20 Million in State Funding
Announces New Round of Project Restore Applications to Open July 7
Cambridge Awarded $2.6 million Community Development Block Grant For Infrastructure Improvements, Homeownership Opportunities in Pine Street Community

ANNAPOLIS, MD (June 10, 2022) – Governor Larry Hogan visited Cambridge today to celebrate a number of milestones in the ongoing revitalization of the city, heralding three redevelopment projects that have received more than $20 million in state funding. The governor, who was joined by Secretary Kenneth C. Holt of the Maryland Department of Housing and Community Development (DHCD) and Acting Cambridge Mayor Lajan Cephas, also made several announcements related to future local and statewide economic development initiatives.

“With all of the announcements we have made in Cambridge today—from cutting the ribbon on the redeveloped Phillips Packing House, to breaking ground on Cambridge Harbor, and launching the development of Mace’s Lane Community Center—we are honoring the commitment we made eight years ago when I was first running for governor,” said Governor Hogan. “I said then that if I was elected, the war on rural Maryland would be over, and that communities like Cambridge that had been ignored and neglected would no longer be forgotten. I meant what I said, and our administration has consistently proven that over and over again, and we are doing that here once again today.”

Phillips Packing House. Governor Hogan’s first stop in Cambridge was the revitalized Phillips Packing House, where he cut the ribbon for DHCD’s new Eastern Shore satellite office and Community Engagement Center. The office and center will serve as anchor tenants in the redeveloped facility and will provide critical housing and community services and outreach to Eastern Shore residents. The remaining Packing House tenants will build on the Eastern Shore’s deep tradition of agriculture and aquaculture while providing modern tech and creative opportunities.

The facility will also host retail eateries and 411 Kitchen, a state-of-the-art, shared-use kitchen for food production that received funding through Project Restore, the governor’s economic recovery initiative that provides financial incentives for small businesses and commercial developers to revitalize vacant retail and commercial space.

The governor announced that Project Restore will re-open statewide for applications in early July. Learn more here.

Watch the governor’s remarks.

Cambridge Harbor. The governor participated in a demolition to mark the groundbreaking for Cambridge Harbor, a 35-acre waterfront redevelopment area alongside the confluence of Cambridge Creek and the Choptank River. The redevelopment site includes the former Dorchester General Hospital and Governor’s Hall. The State of Maryland provided approximately $8 million for the project, which is managed by Cambridge Waterfront Development, Inc. (CWDI), an economic development authority chartered by the city and Dorchester County to redevelop the waterfront in partnership with and for the benefit of the community.

With total redevelopment costs estimated at $250 million, Cambridge Harbor will feature a mix of new commercial and housing, while preserving the scenic vistas, green space for outdoor recreation, and working history of the waterfront. Visible from the nearby U.S. Route 50 bridge, the revitalized harbor will promote Cambridge as an attractive destination for tourists while providing economic, cultural, and recreational opportunities for residents.

Mace’s Lane Community Center. Governor Hogan also broke ground on the new Mace’s Lane Community Center, which will redevelop and repurpose the former Mace’s Lane High School building. The new center will feature the Edythe M. Jolley Museum and Cultural Center, honoring the faculty and staff of Mace’s Lane High School and their role in the lives of local African American students in the pre- and post-20th century civil rights era. The Boys and Girls Club will operate out of the center and provide outreach programs and recreational activities for the youth of Mace’s Lane and Cambridge. The center will further enhance the community by providing space for concerts, banquets, and other events, as well as programs and services.

The governor also announced that Cambridge has been awarded a $2.6 million Community Development Block Grant to fund infrastructure improvements to support the Homeownership Works initiative and create new homeownership opportunities in the nearby historic Pine Street community.

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Pro Bono Neighborhood Outreach

Since its creation nearly a decade ago, the Rebuilding Johnston Square Neighborhood Organization has worked to improve their Baltimore community. Guided by Executive Director Regina Hammond, the organization has helped create job opportunities, affordable housing, and green spaces while increasing neighborhood safety. Ms. Hammond and her group are also committed to improving the quality of life for Johnston Square residents by increasing awareness of available assistance for neighborhood households. In an age of emails, texts, and other communications tech, they often use an old-fashioned, door-to-door approach through community outreach walks

During these walks, The Rebuilding Johnston Square Neighborhood Organization visits with neighborhood residents on the street or at their homes to keep them up to date on programs and services that may provide assistance with household needs. This information often includes information about current homeownership incentives, utility assistance, and other community services.

In early May 2022, the organization partnered with the Maryland Volunteer Lawyer Service, the largest provider of pro bono civil legal services to low-income Marylanders, to educate Johnston Square residents about the “My Home, My Deed” initiative. This citywide program educates Baltimore residents – especially low-income residents – about the importance of estate planning and the critical need to confirm their name is on the deed to their property. Lack of clear title and ownership can often be a barrier to receiving assistance through other government programs, and the “My Home, My Deed” initiative helps homeowners to resolve those issues. The initiative also encourages the protection and preservation of a family’s home as a foundation to build generational wealth.

On that evening’s walk, the Rebuilding Johnston Square Neighborhood Organization and the Maryland Volunteer Lawyer Service knocked on doors throughout the neighborhood to talk about “My Home, My Deed” and other assistance options with Johnston Square residents. It was nothing new for Ms. Hammond, who received the Community Partnership award from the Maryland Volunteer Lawyer Service last year, and, by the end of the night, the group had successfully distributed approximately 950 resource bags to Johnston Square residents through their hands-on, grassroots efforts.

“My Home, My Deed” marketing and outreach is supported with resources from the Maryland Department of Housing and Community Development. The Maryland Volunteer Lawyer Service routinely hosts events and clinics for Marylanders to learn more about the “My Home, My Deed” initiative. For more information, visit http://www.myhomemydeed.org/.





DHCD Launches New Neighborhood Revitalization Project Mapper

DHCD Launches New Neighborhood Revitalization Project Mapper

The Neighborhood Revitalization Award Mapper provides detailed information on all DHCD Neighborhood Revitalization programs and projects from FY 2019-present including information on location, award amount, project name and project description.

An interactive map that shows project awards

DHCD has launched its new GIS (Geographic Information System) interactive mapping application, Neighborhood Revitalization Award Mapper, that gives users the ability to identify and look up detailed information on all DHCD’s Neighborhood Revitalization programs and projects from Fiscal Year 2019-present. The map and source data contain visual resources in “bird’s eye view” to help provide address level information and program descriptions to policy-makers and partners. The state revitalization projects and programs are displayed through various addresses separated by counties, grant year, award amount, and funding sources.

The Neighborhood Revitalization team has worked diligently to provide the essential data needed to provide transparency, and show where state resources are going. The programs and projects represented in this mapping tool demonstrate where DHCD has partnered with local governments, nonprofits, and other stakeholders to support revitalization efforts that enhance the quality of communities and the quality of life for our citizens.

This map is a powerful tool for identifying where community projects are being completed. With Neighborhood Revitalization’s goal to update this map monthly, users will be able to evaluate the extensive growth of its ongoing and successful projects and awards for years to come.



Maryland Housing Beat: Quarterly Report – Q1 2022

DHCD develops newsletter for Housing Reporting


This report is DHCD’s newest publication designed to keep our partners up-to-date on the latest housing market, foreclosure and resource information. 

If you would like to continue to receive this information, subscribe to the “Maryland Housing Beat: Quarterly Report” by clicking the button below. Thank you. 

*Note: if you do not wish to receive this information, please disregard this email, but do not unsubscribe if you would like to continue to receive DHCD’s regular email communications.

Sign up to receive the Maryland Housing Beat: Quarterly Report


First Quarter 2022

Housing Beat – State of Housing Market

HOME SALES – 7,548 units sold in March, a 11.3 percent decline since December and 8 percent lower than sales in March 2021.

MEDIAN HOME PRICE- Increased from last quarter to $375,000, 8.7 percent higher than the first quarter of 2021.

HOUSING INVENTORY – Decreased to 5,896 units in Maryland this quarter. Inventory increased in 11 jurisdictions since the first quarter of 2021.

MONTHS’ SUPPLY- The months’ supply of homes for sale in Maryland was 0.7 months in March. All but one of Maryland’s jurisdictions saw a decrease in month’s supply since March 2021.

DAYS ON THE MARKET- Homes for sale in Maryland spent an average of 28 days on the market in the first quarter. Two days shorter than last quarter but one day longer than the first quarter of 2021.

View Report

Property Foreclosure Events

Q1 2022

INCREASING FORECLOSURE ACTIVITY- Compared to the fourth quarter of 2021, foreclosure events grew in twenty-two Maryland jurisdictions and declined in two jurisdictions

DEFAULT NOTICES – Default notices increased by 154 percent to 831 filings in the first quarter.

NOTICES OF FORECLOSURE SALES – Foreclosure sales notices decreased 16.2 percent from the prior quarter to 496 filings. Compared to the first quarter of 2021, however, foreclosure sales increased 53.6 percent.

LENDER PURCHASES OF FORECLOSED PROPERTY – Lender purchases increased 8 percent since the fourth quarter to 406. Compared with the same period last year, purchases increased by 124.3 percent.

View Report

Foreclosure Hot Spots

FIRST QUARTER 2022—There were 584 high foreclosure events recorded across 34 communities, representing 66.4 percent of foreclosures across all hot spots and 34.5 percent of foreclosures statewide.

Locations with a very high foreclosure recorded 233 events in 11 communities, representing 26.5 percent of foreclosures across all hot spots and 13.8 percent of foreclosures statewide.

These communities had an average foreclosure rate of 368 and an average foreclosure index of 240.

Three severe foreclosure communities recorded 63 foreclosure events, representing 7.2 percent of foreclosures across all hot spots and 3.7 percent of foreclosures in Maryland.

View Report

Homeowner Assistance Fund

The State of Maryland is offering free help for homeowners affected by COVID-19 through the Homeowner Assistance Fund. Financial assistance is available for past due mortgage payments, property taxes, home insurance, HOA fees and more.

For more information, visit homeownerassistance.maryland.gov

 

Sign up to receive the Maryland Housing Beat: Quarterly Report



Governor Hogan Announces Plan to Deploy $198 Million in Small Business Relief

Governor Hogan Announces Plan to Deploy $198 Million in Small Business Relief

Maryland Was First State To Submit Its State Small Business Credit Initiative Plan To U.S. Treasury Three State Agencies To Incorporate Funds To Expand Existing Business Lending And Investment Programs

ANNAPOLIS, MD (May 19, 2022) — Governor Larry Hogan today announced that the State of Maryland will deploy up to $198 million in federal small business relief through the State Small Business Credit Initiative (SSBCI). Maryland was the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department, and today was one of the first five states to be approved.“

“Through a number of relief programs, our efforts to keep Maryland ‘open for business’ during the pandemic have protected jobs and empowered one of the strongest and sustainable recoveries in the nation,” said Governor Hogan. “We have one of the most aggressive plans in the country to get these resources out the door utilizing our very successful lending and investment programs to help our small businesses, particularly those in underserved communities primed for revitalization.”

Initially established by Congress in 2010 to provide loans and investments to underserved small businesses, SSBCI received a $10 billion allocation as part of the American Rescue Plan Act. The SSBCI funds will be administered by three state agencies, including the Maryland Department of Housing and Community Development (DHCD), the Maryland Department of Commerce, and the Maryland Technology Development Corporation (TEDCO). The funds from SSBCI will be used to augment existing business lending programs to support businesses with limited opportunities for growth whether due to the pandemic or historic disinvestment. Maryland’s statewide SSBCI initiatives will target communities and areas with a high concentration of small, micro, and Socially and Economically Disadvantaged Individual (SEDI) businesses to support ongoing state investments in underserved communities.

DHCD will receive up to $103 million and disburse the funds through the Neighborhood BusinessWorks program. The program provides financing to new and expanding small businesses impacting and operating within Maryland’s designated Opportunity Zones, Priority Funding Areas, and Sustainable Communities and Community Development Financing Institution (CDFI) Investment Areas, often through partnerships with local and national CDFIs.

“Neighborhood BusinessWorks has long been our department’s flagship business lending program with established infrastructure, processes, and partnerships that have provided more than $70 million in capital to businesses under Governor Hogan’s leadership,” said DHCD Secretary Kenneth C. Holt. “This additional federal funding will enable this already successful program to significantly expand its reach and impact in both urban and rural Maryland.”

The Maryland Department of Commerce will receive up to $45 million for the Maryland Small Business Development Financing Authority (MSBDFA) program. Created in 1978 to promote the viability and expansion of Socially and Economically Disadvantaged Individual-led businesses, MSBDFA is now available to small businesses that are unable to obtain adequate business financing on reasonable terms. In particular, the program has become a well-established resource to support the growth of minority and women-owned businesses through a network of government agencies, local economic development organizations, banks, and private equity companies, as well as numerous business associations, chambers of commerce, and local professionals.

“For more than 40 years, MSBDFA has helped thousands of small businesses in Maryland reach their full potential, and we are very pleased that an additional $45 million will be allocated to this important program,” said Maryland Commerce Secretary Mike Gill. “These funds will provide a much-needed lifeline for many small businesses and help our state continue its economic recovery.”

TEDCO will receive up to $50 million and will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs. Three programs—the Venture Equity Fund, Venture Capital Limited Partnership Equity program, and Seeds Funds Equity program—are primarily focused on venture capital and startup funding. The fourth, the Social Impact Fund, provides investment and support to entrepreneurs who demonstrate economic or social disadvantage. Through these four programs, TEDCO will continue to leverage its relationships with top-tier technology companies, entrepreneurs, and investors in the state while collaborating with universities, regional business accelerators and incubators, and other organizations.

“We want to express our thanks to our friends at DHCD for their leadership on getting us to this point,” said TEDCO CEO Troy LeMaile-Stovall. “And this point is about investing in individuals and communities that are underrepresented in our innovation ecosystem, while also creating additional funds for TEDCO to invest in firms that will start and scale in Maryland – generating a more equitable future.”

The State of Maryland expects to begin deploying SSBCI resources through these programs in the summer of 2022. Business owners and lending institutions wishing to apply for financing should visit open.maryland.gov/ssbci to submit an expression of interest form to be notified when funds become available.

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CONTACT:
Sara Luell, Director, Office of Public Information – sara.luell@maryland.gov



Maryland Department of Housing and Community Development Announces Fiscal Year 2023 Application Round for State Revitalization Programs

Maryland Department of Housing and Community Development Announces Fiscal Year 2023 Application Round for State Revitalization Programs

Funding Available from Community Legacy, Strategic Demolition Fund-Baltimore City, Strategic Demolition Fund-Statewide, Baltimore Regional Neighborhood Initiative, National Capital Strategic Economic Development Fund and Seed Community Development Anchor Institution Fund

New Carrollton, Md. (May 12, 2022) — The Maryland Department of Housing and Community Development today announced the Fiscal Year 2023 application round for six State Revitalization Programs will open on May 19, 2022.

These programs offer funding to support local housing, community and economic development and other revitalization projects. They are part of the department’s commitment to helping the state’s local governments and nonprofit agencies achieve their community revitalization and economic development goals.

Specifically, Governor Hogan’s Fiscal Year 2023 budget includes the following for State Revitalization programs:

  • Community Legacy: $8 Million Capital
  • Strategic Demolition Fund – Statewide: $9 Million Capital
  • Strategic Demolition Fund – Project C.O.R.E. (Creating Opportunities for Renewal and Enterprise): $21 Million Capital
  • Baltimore Regional Neighborhood Initiative: $12 Million Capital
  • National Capital Strategic Economic Development Fund: $7 Million Capital
  • Seed Community Development Anchor Institution Fund: $10 Million Capital


If this is your first time applying to one of the aforementioned State Revitalization Programs, contact a regional project manager for more information and to determine your eligibility.

Applications will be due on Wednesday, July 13, 2022, at 3 p.m. The application portal will be open on Thursday, May 19.

Community Legacy and Strategic Demolition Fund-Statewide projects must be in a Sustainable Community, or in an Opportunity Zone in Allegany, Garrett, Somerset and Wicomico Counties.

In addition to being located in a Sustainable Community, BRNI projects should be located in an area targeted by an eligible BRNI applicant.

National Capital Strategic Economic Development Fund applicant projects should be in Sustainable Communities located: 1) in Prince George’s County, at least in part, within the boundary created by interstate 495 in the State and the District of Columbia; OR 2) in Montgomery County, within an Enterprise Zone or the boundary created by: a) Prince George’s County, b) Maryland Route 200, c) Interstate 270, d) Interstate 495 to the Maryland state line, and e) The District of Columbia.

Seed Community Development Anchor Institution Program projects must be located in an area of blight and support the improvement of a neighborhood that surrounds an anchor institution. Projects do not need to be located inside of a Sustainable Community, but projects in Sustainable Communities will be given priority consideration for funding.

To see your jurisdiction’s Sustainable Community or Opportunity Zone boundaries, use the online revitalization mapping tool found at this website: https://portal.dhcd.state.md.us/GIS/revitalize/index.html

Projects should help achieve the strategies outlined in a local government’s Sustainable Communities plan. All Sustainable Community plans can be found at https://dhcd.maryland.gov/Communities/Pages/dn/communities.aspx

Application training will be held via webinar on Wednesday, May 25. To register for application training and to view additional program and application information, visit https://dhcd.maryland.gov/Communities/Pages/StateRevitalizationPrograms/default.aspx



A New Canvas for Baltimore: Honoring Firefighter Racheal Wilson, A Memorial Park and Playground Unlike Any Other

A New Canvas for Baltimore: Honoring Firefighter Racheal Wilson, A Memorial Park and Playground Unlike Any Other

A playground that is firefighter themed

On February 9th, 2007, Racheal Michelle Wilson lost her life in a fire training exercise in the Boyd-Booth community neighborhood located in South West Baltimore. She was the first female firefighter in Maryland to die in the line of duty. But through community support, her legacy now lives on.

To honor her dedication and selfless service to the City of Baltimore, the community gathered and attended a special ribbon cutting ceremony on Thursday, April 14th, at the former site of a vacant row home on South Calverton Road where Ms. Wilson lost her life fifteen years ago.

That site is now known as the Racheal M. Wilson Memorial Park and Playground. Conceived by Jennifer Zhai of the Baltimore City Dept. of Recreation and Parks and with additional input from the Boyd-Booth community and the Wilson family, the newly developed park is designed as a firetruck and a giant firefighter helmet. A mural of Racheal Wilson, supported by the Baltimore Office of Promotion & The Arts and the State of Maryland’s Project C.O.R.E. efforts, overlooks the park welcoming guests of all ages. With feedback from the community and the Wilson family, a Baltimore born/based street artist, Justin Nethercutt was able to design a brilliant and beautiful mural of Ms. Wilson. Nethercutt’s pieces are throughout the city and serve as a social documentary of the struggles, history, and dilemmas that Baltimore faces, but an attempt to capture and bring out the city’s cultural pride.

This project and Baltimore City’s revitalization is supported by Governor Hogan’s Project C.O.R.E., or Creating Opportunities for Renewal and Enterprise, a collaboration between the Maryland Department of Housing and Community Development, Maryland Stadium Authority, and City of Baltimore. Since Project C.O.R.E.’s establishment in 2016, this successful partnership with the city has supported the creation of almost 15 acres of parks and green spaces, 1,200 units of affordable rental housing, and more than 460,000 square feet of leasable space.

With a record of more than 5,000 vacant, blighted units removed and stabilized, Project C.O.R.E. has also contributed to a decline of approximately 11% in vacant building notices issued within the city. With complementary financing through other state programs, Project C.O.R.E. has directed more than $806 million in state funds to Baltimore communities, leveraging over $2.8 billion in other private, public, and philanthropic dollars – a historic and unprecedented investment for the revitalization of the city.

The trend continues as Governor Hogan has included more than $20 million for Project C.O.R.E. in his Fiscal Year 2023 budget. Like this park, which turned a tragedy and vacant properties into a remarkable green space for recreation, relaxation, reflection, and an area to build community, Project C.O.R.E. is transforming negatives into positives in every corner of the City.



Hogan Administration Awards More Than $1.7 Million Through the Community Investment Tax Credit Program

Hogan Administration Awards More Than $1.7 Million Through the Community Investment Tax Credit Program

More Than 100 Nonprofit Organizations Across Maryland Receive State Tax Credits

New Carrollton, Md. (May 2, 2022) — The Maryland Department of Housing and Community Development announced today the award recipients for the Community Investment Tax Credit Program. More than 100 nonprofit organizations, designated as 501(c)(3) organizations by the Internal Revenue Service, applied for these tax credits in order to attract private contributions to support projects or activities in communities located within a designated Priority Funding Area.

Qualifying projects for the tax credits include education and youth services; housing and community development; enhancement of neighborhoods and business districts; arts, culture and historic preservation; economic development and tourism promotion, and; services for at-risk populations. Visit GIVE Maryland for information on specific projects and activities funded by Community Investment Tax Credits.​​​​​​​​​​​​​​​​​​​​​​​​

“With these tax credits, nonprofit organizations can focus more on the good work they are doing in Maryland’s communities and less on the income tax owed to the federal and state governments,” said Secretary Kenneth C. Holt of DHCD. “Our department will continue to work with these organizations to ensure they have the resources, like these tax credits, to keep serving and supporting communities across the State.

One of the State of Maryland’s successful revitalization programs, the Community Investment Tax Credit program provides state tax credits to nonprofits who then offer the credits to businesses and individuals to support their activities. If a business or individual donates $500 or more to a qualified organization’s approved project(s), the donor can earn State tax credits equal to 50% of the value of their contribution of money, goods or real property. 

Since 2015 nearly $22 million in contributions have been donated to support more than 400 local nonprofit projects and services. For the 2021 tax year nearly 840 businesses and donated $3.4 million to support 121 projects and services statewide. 

Individuals and businesses must use the tax credits against taxes owed for the year in which the contribution was made and may not be used retroactively for taxes from a prior year. An​y individual or business contemplating making a donation is encouraged to consult with their accountant or tax professional for information about their specific tax benefits. 

Applications for the FY23 Community Investment Tax Credits Program will open May 5, 2022.  Interested applications can visit the Community Investment Tax Credits Program page to learn more.

View the 2022 Community Investment Tax Credits Program awardee list.

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CONTACT:
Sara Luell, Director, Office of Public Information – sara.luell@maryland.gov
Emily Allen Lucht, Director of Communications – emily.lucht@maryland.gov



Governor Hogan Announces $200 Million Affordable Housing Package to Address Rising Costs

Governor Hogan Announces $200 Million Affordable Housing Package to Address Rising Costs

New Tools and Programs Will Create More Than 6,000 Additional Affordable Units Statewide

ANNAPOLIS, MD (April 27, 2022) — Governor Larry Hogan today announced that more than $200 million in financing tools and new programs will be made available to create new affordable housing opportunities in the state. The Maryland Department of Housing and Community Development (DHCD) will administer the funds to produce more than 6,000 additional units statewide amid rising construction costs and interest rates.

“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.”

To address the shortfalls for affordable housing projects, the administration is announcing the following updates and new programs:

  • 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.

“Even though COVID-19 has impacted our efforts to respond to an ongoing shortage of affordable housing, affecting supply chains, construction costs, interest rates, and labor, our department has worked with its development partners to find solutions,” said Secretary Kenneth C. Holt. “With the new initiatives announced today, we are working to ensure the state has a successful economic recovery that includes new affordable housing opportunities for Marylanders.”

Additional details on these program updates can be found at Multifamily Notice 22-10.

Marylanders looking to access affordable rental housing can search and find current Maryland listings with accessibility features, amenities, affordability, and more at MDHousingSearch.org. Visitors to the site can also view information about future leasing opportunities for projects that are currently under construction.

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