Maryland Department of Housing and Community Development Releases Fiscal Year 2018 Annual Report

Maryland Department of Housing and Community Development Releases Fiscal Year 2018 Annual Report

New Carrollton, MD (April 11, 2019) – The Maryland Department of Housing and Community Development today released its Fiscal Year 2018 Annual Report. During FY18, the department generated an economic impact of nearly $3 billion for the state, including nearly $50 million in state and local taxes. Department activity contributed to the creation of approximately 12,800 full-time equivalent jobs with $654 million in wages and salaries.

Project C.O.R.E. (Creating Opportunities for Renewal and Enterprise) experienced another successful year helping Baltimore City address blight. This partnership between the department, the Maryland Stadium Authority, and Baltimore City is projected to remove approximately 4,000 units of blight by the end of 2019. Through Project C.O.R.E. and other programs, the department has invested more $340 million in Baltimore during the life of the initiative, leveraging more than $1.3 billion in additional private, public and philanthropic investment. With its positive economic impact and commitment to community engagement, Project C.O.R.E. has become a national model for revitalization.

The department continued its high level of support for affordable rental housing. In Fiscal Year 2018, the department allocated nearly $438 million in rental housing financing and tax credits. With this investment, the department has provided more than $2 billion to create or preserve over 15,000 units of affordable rental housing throughout Maryland over the past four years.

In Fiscal Year 2018, the department enabled 1,840 Maryland families to achieve the dream of homeownership, providing $385 million in mortgages and down payment assistance. Maryland SmartBuy, the first government mortgage program in the country specifically designed to assist homebuyers saddled with student loan debt, has helped more than 100 homebuyers pay off an average of $26,000 in student debt per home purchase.

For more information on the department’s activities in Fiscal Year 2018, read the full report here: https://dhcd.maryland.gov/Documents/PressReleases/DHCD_annual-report_2018.pdf.

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MEDIA CONTACTS:

Owen McEvoy, Director of the Office of Public Information, owen.mcevoy@maryland.gov, 443-679-7653
Sara Luell, Director of Communications, sara.luell@maryland.gov, 301-429-7803