Maryland Department of Housing and Community Development Generates $17 Billion in Economic Impact, Supports Nearly 24,000 Jobs in Fiscal Year 2023 

DHCD invested $2.2 billion overall across Maryland to improve affordable housing, support small businesses, revitalize neighborhoods and increase broadband connectivity

NEW CARROLLTON, Md. (February 23, 2024) – The Maryland Department of Housing and Community Development this month released its Fiscal Year 2023 Agency Impact Report, which shows its continuing commitment to fulfill the Moore-Miller Administration’s pledge to Leave No One Behind.

DHCD invested $2.2 billion overall in state programs in FY23 that were designed to create more affordable housing, revitalize communities, support small businesses and increase broadband connectivity in Maryland. That investment generated $17 billion in economic impact and helped create the equivalent of nearly 24,000 full-time jobs across the state.

“This agency has worked hard to improve the lives of the residents and business owners from all corners of our state,” said Maryland Department of Housing and Community Development Secretary Jake Day. “We are already seeing the positive results of these investments in our communities and the work done this past year is just the first step towards us winning the decade.”

Approximately $1.3 billion was invested in affordable rental housing development and services, including about $459 million in federal low-income housing tax credits and state funds. That money helped finance 39 affordable housing projects, which will create or preserve more than 3,400 affordable units for Maryland’s working families, seniors, and persons with disabilities.

DHCD has also continued its mission to build generational wealth through homeownership. The department’s Maryland Mortgage Program (MMP) has grown significantly, averaging $1 billion in mortgage loan reservations annually for the last four years. On average, the MMP program provides mortgages to 4,000-5,000 Marylanders and their families each year. The program offers a nationally recognized array of mortgage and down payment assistance options that are responsive to an ever-changing housing market, including innovative products like Maryland SmartBuy.

The department’s goal to help build lovable spaces in Maryland’s towns and cities meant DHCD allocated $143.1 million to support revitalization projects and services to improve urban, suburban, and rural communities. The Project C.O.R.E. (Creating Opportunities for Revitalization and Equity) initiative helped remove more than 5,200 abandoned properties for public parks and commercial and residential redevelopment.

As one of the state’s leading small business lenders, DHCD’s Neighborhood BusinessWorks program provided $34.6 million in capital to 28 new and growing small businesses last year. The department also began deploying more than $198 million received through the federal State Small Business Credit Initiative (SSBCI) to support businesses and entrepreneurs in traditionally underserved communities. Project Restore, a Neighborhood Revitalization initiative, awarded approximately $24.3 million in grant assistance to more than 380 businesses, including nonprofits, that opened or expanded into previously vacant properties.

The department promotes digital equity and access to affordable high-speed internet to ensure no Marylander is left behind in efforts to close the digital divide. Since the Office of Statewide Broadband was founded in 2017, it has invested more than $300 million into broadband infrastructure and equity programs, providing high-speed internet access to about 50,000 previously unserved homes and businesses statewide.

To learn more about DHCD’s impact in FY23, click here.