Three projects have been selected to receive $6 million in Rental Housing Funds (RHFs) and $3.4 million in low-income housing tax credits (LIHTCs) from the Maryland Department of Housing and Community Development.
The funds will help in the construction or rehabilitation of 273 affordable housing units, including 41 targeted to individuals with disabilities.
"Many families in Maryland continue to struggle because of the economy, and having affordable housing options is more important now than ever before,” said Raymond A. Skinner, department secretary, in a statement. “As we strive for Maryland to be a place where people put down roots, raise their families, and do business, we are also focused on expanding affordable housing opportunities as our top priority."
Housing Initiatives Partnership and Ingerman received $2 million in RHFs and $811,641 in LIHTCs for the 72-unit New East Crossing in North East, Cecil County.
The Housing Opportunities Commission received $2 million in RHFs and $1.3 million in LIHTCs for the renovation of the 132-unit Tanglewood/Sligo Hills development in Silver Spring.
Telesis Corp. received $2 million in RHFs and $1.3 million in LIHTCs for the 69-unit Barclay Square Phase II project in Baltimore.
With the latest awards, Maryland has forward-reserved all of its calendar year 2012 tax credits. The department will wait until fall 2012 to hold its next competitive funding round at which time calendar year 2013 tax credits and fiscal year 2013 RHFs will be made available. The deadline for the next competitive round is scheduled for Sept. 11, 2012, and detailed information concerning this round can be found at www.mdhousing.org.