Eight developments have been selected to receive approximately $8 million in low-income housing tax credits and $7.9 million in Rental Housing Funds (RHF), announced the Maryland Department of Housing and Community Development (DHCD).
The awards will help finance the construction or rehabilitation of 475 rental units, including 84 that target persons with disabilities.
The eight projects were selected from 30 applicants.
"We are proud to announce the funding of these projects which will increase the inventory of rental housing in Maryland," said DHCD Secretary Raymond Skinner. "These developments are sorely needed in order to provide families with affordable, quality housing and allow them to continue living and working in communities they call home. When housing projects like these come on line, the relationship between home and community becomes quite clear."
DHCD’s RHF includes a number of programs designed to be compatible with tax-exempt or taxable bond financing, housing tax credits, and other private or public funds.
DHCD also announced that it is recommending that up to $10 million, including RHF and other DHCD funds, be reserved for a new Spring Round—Phase II initiative. Phase II is designed to redirect some projects from 9 percent tax credits to tax-exempt financing with 4 percent tax credits. DHCD created Phase II in order to help eligible projects move construction forward. Up to 14 projects will be eligible to compete in Phase II. Successful applicants would be required to demonstrate financial feasibility with tax-exempt bond financing, 4 percent credits, and a limited amount of subordinate funding from the $10 million pool. Proposals would be due in late July 2011 with construction expected to begin in the first half of 2012. Priority would be given to projects requiring the least amount of DHCD resources and demonstrating a strong market demand.
Developments receiving funding in the latest round are:
- The 48-unit Foxtail Crossing in Dorchester County by Homes for America and PIRHL;
- The 100-unit Greens at Irvington Mews in the city of Baltimore by Enterprise Homes;
- The 94-unit Catholic Charities at Village Crossroads in Baltimore County by Associated Catholic Charities;
- The 75-unit O’Donnell Townhomes I in the city of Baltimore by Greater Baltimore AHC and Michaels Development;
- The 22-unit Oakwood Family Homes in Anne Arundel County by Interfaith Housing Alliance;
- The 47-unit Fells Point Station in the city of Baltimore by Columbus Property Management & Development and Henson Development;
- The 49-unit Columbus School in the city of Baltimore by Housing Services Alliance and the Woda Group; and
- The 40-unit Richmond Hill Senior in Cecil County by Interfaith Housing Eastern Shore.