April 27, 2022
Gov. Larry Hogan Wednesday introduced greater than $200 million in financing instruments and new applications will probably be made out there 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 extra items statewide amid rising development prices and rates of interest.
To tackle the shortfalls for reasonably priced housing initiatives, the administration is asserting the next updates and new applications:
- Increasing the Rental Housing Financing Program funds out there for the 2022 aggressive utility spherical, which will probably be introduced later this yr.
- Increasing the quantity of Rental Housing Works financing out there for ongoing initiatives which have but to shut financing.
- Establishing the Construction Relief Fund to offer extra financing for beforehand funded 4% Low Income Housing Tax Credit (LIHTC) and Multifamily Bond initiatives which can be experiencing value shortfalls.
- Establishing the Development Relief Fund for initiatives that beforehand acquired a 9% LIHTC award.
- Establishing the Multifamily Capital Fund which can present extra 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.
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 can be at the moment beneath development.