Gov. Larry Hogan announced Wednesday that more than $200 million in financing tools and new programs will be made available to create new affordable housing opportunities in the state.
The Maryland Department of Housing and Community Development (DHCD) will administer the funds to produce more than 6,000 additional units statewide amid rising construction costs and interest rates.
To address the shortfalls for affordable housing projects, the administration is announcing the following updates and new programs:
- Increasing the Rental Housing Financing Program funds available for the 2022 competitive application round, which will be announced later this year.
- Increasing the amount of Rental Housing Works financing available for ongoing projects that have yet to close financing.
- Establishing the Construction Relief Fund to provide additional financing for previously funded 4% Low Income Housing Tax Credit (LIHTC) and Multifamily Bond projects that are experiencing cost shortfalls.
- Establishing the Development Relief Fund for projects that previously received a 9% LIHTC award.
- Establishing the Multifamily Capital Fund which will provide additional financing in FY23 for projects related to the State of Maryland’s economic growth and development activities and initiatives.
- Establishing the Emerging Developer Pre-Development Loan Fund to support projects by newer developers working with historically undercapitalized communities.
Additional details on these program updates can be found at Multifamily Notice 22-10. 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.