Hogan Administration Announces more than $65 Million Awarded to Address Rising Construction Costs
As Part of Affordable Housing Package, Funding will go Toward 27 Rental Housing Projects and Assist the Construction of 2,149 Units
NEW CARROLLTON, MD (January 11, 2023) – The Maryland Department of Housing and Community Development (DHCD) today announced the award of more than $65 million to 27 affordable housing projects to assist with the construction of 2,149 units amid rising construction costs and interest rates, as part of a $200 million affordable housing initiative announced earlier this year. DHCD established the Multifamily Capital Fund program to expand funding for projects with a high public purpose that need assistance due to financing gaps brought on by the pandemic, as well as the Construction Relief Fund and Development Relief Fund for projects that previously received state funding and are experiencing cost shortfalls.
“During our administration, we have provided financing and tax credits to create or preserve more than 28,000 affordable rental units across the state, an unprecedented level of production,” said Governor Larry Hogan. “The additional funding provided through the affordable housing initiative to offset rising construction costs will help ensure the pipeline of new affordable housing opportunities isn’t disrupted by rising interest rates, construction costs and supply chain issues.”
The awards are going to projects in Anne Arundel, Charles, Dorchester, Frederick, Howard, Montgomery, Prince George’s, Talbot, and Queen Anne’s counties, and in the City of Baltimore. To see the full list of project awards, visit https://dhcd.maryland.gov/Documents/PressReleases/Housing-Relief-Funds-Awards-January-2023.pdf.
The Multifamily Capital, Construction Relief and Development Relief funds are among a number of initiatives that were created to address the shortfalls for affordable housing projects, which also included an increase to the Rental Housing Financing Program funds for the 2022 competitive Low-Income Housing Tax Credit round and for ongoing projects that have yet to close financing.
“These funds help ensure efforts to respond to a shortage of affordable housing are not delayed,” said Acting Housing Secretary Owen McEvoy. “The $200 million affordable housing package is key to boosting economic growth and a successful recovery from the COVID-19 pandemic.”
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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