Maryland Department of Housing and Community Development Announces Housing Finance Bond Rating Upgrade

NEW CARROLLTON, Md. (December 22, 2025) – The Maryland Department of Housing and Community Development received an upgraded credit rating status from Moody’s Investor Service, a major credit rating agency, on the Community Development Administration’s Housing Revenue Bonds.

Moody’s upgraded to Aa1 from an Aa2 rating on CDA’s Housing Revenue Bonds and affirmed the VMIG 1 superior credit quality rating on all outstanding short-term debt. The upgrade to Aa1 from a previous Aa2 rating is a testament to the Administration’s Housing Revenue Bonds strong financial performance and reduced perceived risk for bond investors.

“This upgrade is the result of continued sound financial stewardship from our Department’s finance teams in our mission to create more affordable housing in Maryland,” said Secretary Jake Day. “The hard work and solid financial reputation of the Department means more homes will be created for Maryland families on all income levels at a more affordable cost.”

The Housing Revenue Bonds program was created by the Department to finance construction and permanent financing for rental housing developments for people of limited incomes in the State of Maryland. In the same announcement, Moody’s also gave a Aa1 rating to the $7.42 million Maryland Community Development Administration Housing Revenue Bonds Series 2025 D (Non-AMT) bond issuance. 

Moody’s status upgrade, announced earlier this fall, comes at a time when the Department is supporting more housing creation in Maryland.

In Fiscal Year 2025, the Department financed 3,997 newly constructed or substantially rehabilitated units through its Community Development Administration – an increase of more than 1,000 additional units from FY2024’s total of 2,949. The Department’s $1.64 billion in project investments also surpassed the previous year’s $1.2 billion in commitments. 

To learn more about the work of the Department’s Community Development Administration, visit dhcd.maryland.gov.

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