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Department of Housing and Community Development

Maryland Department of Housing and Community Development Releases Fiscal Year 2021 Annual Report and Project C.O.R.E. Milestone Report

Annual Report highlights department’s COVID-19 response and recovery activities

Project C.O.R.E. Milestone Report highlights progress of Baltimore blight removal initiative

NEW CARROLLTON, Md. (February 7, 2022) – The Maryland Department of Housing and Community Development today released its Fiscal Year 2021 Annual Report. The department’s $2.3 billion investment provided an economic impact of approximately $4.8 billion for the state, including $79 million in state and local taxes. More than 22,000 full-time equivalent jobs with $1.1 billion in wages and salaries were created, and each dollar of state funds from the department’s programs, projects, and activities generated $25 in economic impact. The report also provides an update on the agency’s COVID-19 pandemic response and recovery efforts. The department also released a milestone report, detailing the cumulative progress of Governor Larry Hogan’s Project C.O.R.E. initiative to remove vacant, blighted properties in Baltimore.

Despite the pandemic, the department’s productivity remained at historic highs. For the second consecutive year, more than $1 billion in loan reservations were made through the Maryland Mortgage Program in Fiscal Year 2021 with borrowers receiving an additional $25 million in down payment and closing cost assistance. The department awarded nearly $40 million to 18 projects with an estimated cost of $1 billion in its competitive application round for federal Low Income Housing Tax Credits and state Rental Housing Funds. These funds will create or preserve 2,144 affordable units, setting a record for number of units financed in a single application round. The department’s Neighborhood Revitalization programs provided approximately $332 million to more than 500 businesses, local governments, and community organizations.

The FY21 Annual Report also presents information about the department’s role in Governor Larry Hogan’s response to the COVID-19 pandemic. The department will administer nearly $2 billion in state and federal aid. This includes approximately: $506 million for eviction prevention and rental assistance; $351 million for homeowner assistance; $245 million to support broadband access and infrastructure, and; $233 million in aid to Maryland communities and businesses.

The Project C.O.R.E. Milestone Report details the initiative’s cumulative progress from Fiscal Year 2016 through Fiscal Year 2021. Launched six years ago, Project C.O.R.E., or Creating Opportunities for Renewal and Enterprise, is a partnership between the State of Maryland and the City of Baltimore to remove vacant properties to create green space for revitalization and redevelopment that responds to local needs. Project C.O.R.E. has removed or stabilized more than 5,000 blighted units in Baltimore, contributing to a decline of approximately 11% in vacant building notices issued in the city. The initiative has supported the creation of almost 15 acres of parks and green space, nearly 1,200 units of affordable rental housing, and more than 460,000 square feet of leasable space. With complementary financing through other state programs, Project C.O.R.E. has directed more than $806 million in state funds to Baltimore communities and leveraged over $2.8 billion in other private, philanthropic, and public dollars for the revitalization of the city.

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