Maryland Gov. Martin O’Malley announced that he is including $25 million in his proposed fiscal 2014 budget for Rental Housing Works, an initiative to create jobs and create affordable rental housing for working families, seniors, and people with special needs.
The investment is expected to support 1,900 jobs and preserve more than 1,100 affordable housing units in the state.
Launched last year, the Rental Housing Works initiative provides gap financing for projects funded by the state Department of Housing and Community Development’s multifamily bond and low-income housing tax credit programs.