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Multifamily Housing Programs Enjoy Landmark Year
For the Maryland Department of Housing and Community Development’s multifamily programs, the 2016 fiscal year was the most productive. These programs provide low income housing credits, gap funding for affordable housing projects, and grant funding for shelters and transitional housing facilities.
The department closed on 44 projects during fiscal year 2016, producing a total of 4,674 new units across the state. The largest of those was a 500-unit development located in Prince George’s County. These new units were established in 12 counties and Baltimore City. The projects also created 4,591 jobs associated with their development and maintenance, and cost nearly $917 million. The amount of projects closed rose 46 percent in fiscal year 2016 while job growth for these projects grew 60 percent.
“That’s a phenomenal amount of work to do in a 12-month period,” said Elaine Cornick, the director of multifamily programs. Cornick added that it’s the most she’s seen closed during her time with the department. “It’s a true testament to the professionalism of our underwriting and construction staff, along with [Community Development Administration] Finance and the office of the Attorney General. Without them, this could not have moved forward.”
Cornick also credited developers across the state for their work on these projects, along with other public entities like Baltimore City, which were critical in aiding Rental Assistance Development projects. The department closed 11 of those projects in the last year.
“Everything aligned well,” Cornick said. “To accomplish this in a year is just amazing.”