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HUD allocates $5.4M to help Md. produce affordable housing
//May 3, 2023
Maryland was awarded $5,428,249 million Wednesday from the Housing Trust Fund (HTF), an affordable housing production program that complements existing federal, state and local efforts to increase and preserve the supply of affordable housing for extremely low- and very low-income households, including families experiencing homelessness.
The HTF is a formula-based program for states and U.S. territories. By law, each state is allocated a minimum of $3 million. State affordable housing planners will use these funds for eligible activities such as real property acquisition, site improvements and development hard costs, related soft costs, demolition, financing costs, relocation assistance and operating cost assistance for rental housing, up to 30% of each grant.
The Housing Trust Fund is being capitalized through contributions made by Fannie Mae and Freddie Mac. In December 2014, the Federal Housing Finance Agency (FHFA) directed these Government Sponsored Enterprises (GSEs) to begin setting aside and allocating funds to the Housing Trust Fund.
The Housing Trust Fund helps to strengthen and broaden the Federal housing safety net for people in need by increasing production of, and access to, affordable housing for the nation’s most vulnerable populations. The program stipulates 100% of funds must be used for extremely low-income families. This targeting ensures the priority of this program is helping those with the greatest needs.
