ANNAPOLIS, Md.—Governor Larry Hogan at this time introduced that greater than $200 million in financing instruments and new packages can be made obtainable to create new reasonably priced housing alternatives within the state. The Maryland Department of Housing and Community Development (DHCD) will administer the funds to provide greater than 6,000 further items statewide amid rising development prices and rates of interest.
“During our administration, we have provided financing and tax credits to create or preserve more than 22,000 affordable rental units across the state—a level of production never before seen in the State of Maryland,” mentioned Governor Larry Hogan. “To continue to build on these accomplishments, we are meeting the challenges created during the pandemic head on with a responsive set of tools to address shortfalls and create new housing opportunities.”
To tackle the shortfalls for reasonably priced housing initiatives, the administration is saying the next updates and new packages:
- Increasing the Rental Housing Financing Program funds obtainable for the 2022 aggressive software spherical, which can be introduced later this yr.
- Increasing the quantity of Rental Housing Works financing obtainable for ongoing initiatives which have but to shut financing.
- Establishing the Construction Relief Fund to offer further financing for beforehand funded 4% Low Income Housing Tax Credit (LIHTC) and Multifamily Bond initiatives which might be experiencing value shortfalls.
- Establishing the Development Relief Fund for initiatives that beforehand acquired a 9% LIHTC award.
- Establishing the Multifamily Capital Fund which is able to present further financing in FY23 for initiatives associated to the State of Maryland’s financial progress and improvement actions and initiatives.
- Establishing the Emerging Developer Pre-Development Loan Fund to help initiatives by newer builders working with traditionally undercapitalized communities.
“Even though COVID-19 has impacted our efforts to respond to an ongoing shortage of affordable housing, affecting supply chains, construction costs, interest rates, and labor, our department has worked with its development partners to find solutions,” mentioned Secretary Kenneth C. Holt. “With the new initiatives announced today, we are working to ensure the state has a successful economic recovery that includes new affordable housing opportunities for Marylanders.”
Additional particulars on these program updates might be discovered at Multifamily Notice 22-10.
Marylanders seeking to entry reasonably priced rental housing can search and discover present Maryland listings with accessibility options, facilities, affordability, and extra at MDHousingSearch.org. Visitors to the positioning can even view details about future leasing alternatives for initiatives which might be at the moment beneath development.