Maryland Department of Housing and Community Development Invests $200 Million in Affordable Rental Housing in Third Quarter of Fiscal Year 2026
Funding will create or preserve more than 700 rental homes in nine communities
NEW CARROLLTON, MD (May 11, 2026) – Maryland Department of Housing and Community Development Secretary Jake Day today announced the agency invested nearly $200 million for affordable rental housing development during the third quarter of State Fiscal Year 2026. Through its Community Development Administration, the Department awarded $199,833,265 in state, federal, and bond program funds to nine rental communities across five counties and Baltimore City. These funds will support the creation or preservation of 723 affordable homes.
“During the months of the General Assembly session we worked with Governor Moore and our legislative partners to promote sensible housing policies that increase supply and lower costs for all Marylanders,” said Secretary Day. “During those same months the Maryland Department of Housing and Community Development showed how to turn policy and partnership into actual production and progress, responsibly administering $200 million in important public capital to produce or protect more than 700 affordable housing options for working families, seniors, and individuals with disabilities.”
The Department awarded funds from a range of programs and initiatives, including the federal Low Income Housing Tax Credit program; state Rental Housing Programs, including Rental Housing Works and the Partnership Rental Housing Program; the sale of tax-exempt multifamily housing bonds; and energy efficiency resources through the EmPOWER program.
Arbor Oaks (Baltimore City)
Units: 206
Type: Rehabilitation
Occupancy: Family
Sponsor/Developer: Baltimore Affordable Housing Development, Inc.
Cottages at Riverhouse (Salisbury, Wicomico County)
Units: 52
Type: Rehabilitation
Occupancy: Senior
Sponsor/Developer: Severn Development
Department Investment: $9,704,518
Laurens and Carey House (Baltimore City)
Units: 59
Type: Rehabilitation
Occupancy: Family
Sponsor/Developer: The NHP Foundation
Department Investment: $17,878,694
Loch Raven Overlook 9% (Towson, Baltimore County)
Units: 50
Type: New Construction
Occupancy: Family
Sponsor/Developer: Osprey Property Company
Department Investment: $16,408,620
The Madison on North Market (Frederick, Frederick County)
Units: 60
Type: New Construction
Occupancy: Family
Sponsor/Developer: SCG Development Partners / New Harbor Development / Housing Authority of the City of Frederick
Department Investment: $26,854,414
Prospect Heights (Hurlock, Dorchester County)
Units: 16
Type: Rehabilitation
Occupancy: Family
Sponsor/Developer: Searfoss Development
Department Investment: $3,670,048
Riverwoods at North East II (North East, Cecil County)
Units: 48
Type: New Construction
Occupancy: Family
Sponsor/Developer: Osprey Property Company
Department Investment: $13,909,600
Sojourner Place at Park (Baltimore City)
Units: 42
Type: New Construction / Rehabilitation
Occupancy: Family / Permanent Supportive Housing
Sponsor/Developer: Episcopal Housing Corporation
Department Investment: $13,021,400
Somerset Jefferson (Baltimore City)
Units: 190
Type: New Construction
Occupancy: Family
Sponsor/Developer: Mission First Housing Corporation
Department Investment: $48,443,207
For more information about the Maryland Department of Housing and Community Development’s rental financing programs, visit the department’s website.
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