{"id":12996,"date":"2025-08-04T12:13:14","date_gmt":"2025-08-04T16:13:14","guid":{"rendered":"https:\/\/news.maryland.gov\/dhcd\/?p=12996"},"modified":"2025-08-04T12:13:17","modified_gmt":"2025-08-04T16:13:17","slug":"maryland-department-of-housing-and-community-development-finances-highest-level-of-affordable-housing-production-in-nearly-a-decade","status":"publish","type":"post","link":"https:\/\/news.maryland.gov\/dhcd\/2025\/08\/04\/maryland-department-of-housing-and-community-development-finances-highest-level-of-affordable-housing-production-in-nearly-a-decade\/","title":{"rendered":"Maryland Department of Housing and Community Development Finances Highest Level of Affordable Housing Production in Nearly a Decade"},"content":{"rendered":"\n

The Department supported the creation or rehabilitation of nearly 4,000 affordable rental housing units in Fiscal Year 2025 \u2013 the state\u2019s highest level of affordable rental housing production since the COVID-19 pandemic<\/span><\/i><\/p>\n

NEW CARROLLTON, MD (August 4, 2025) – <\/b>Maryland Department of Housing and Community Development Secretary Jake Day today announced the Department continues to make Maryland a more affordable place to live by financing $1.64 billion in new development projects and providing $1 billion in acquisition mortgages for first-time homebuyers during Fiscal Year 2025.<\/span><\/p>\n

In Fiscal Year 2025, the Department financed 3,997 <\/span>newly constructed or substantially rehabilitated<\/span> units through its Division of Development Finance, also known as the Community Development Administration \u2013 an increase of more than 1,000 additional units from FY2024\u2019s total of 2,949. The Department\u2019s $1.64 billion in project investments also surpassed the previous year\u2019s $1.2 billion in commitments.\u00a0<\/span><\/p>\n

For every $1 of DHCD funds invested in FY 2025, these development projects leveraged another $19.55 into Maryland\u2019s economy.<\/span><\/p>\n

\u201cThe only proven way to make Maryland more affordable to live is to create more housing opportunities for people of all ages and income brackets. These numbers reflect our work over the last fiscal year to make that goal a reality,\u201d <\/span>said Secretary Jake Day.<\/b> \u201cEvery new rental housing unit created and every person we turn into a Maryland homeowner demonstrates the dedication of our team to fulfill the Moore-Miller Administration’s goal to leave no one behind.\u201d<\/span><\/p>\n

The Community Development Administration is the housing finance agency for the State of Maryland and is responsible for expanding quality, affordable rental and transitional housing opportunities and providing homebuyer assistance programs through mortgage loans, down payment, and closing cost assistance. CDA also works to raise capital in the national municipal bond markets to provide financing at below-market interest rates to help people buy homes, assist nonprofit and for-profit entities construct and rehabilitate multifamily properties, and to help local governments improve and construct public infrastructure.<\/span><\/p>\n

As part of creating and preserving these affordable rental units in Fiscal Year 2025, CDA:<\/span><\/p>\n