The Maryland Department of Housing and Community Development (DHCD) has recently awarded low-income housing tax credits (LIHTCs) and other financing with an estimated value of more than $1 billion to create or preserve 3,025 affordable homes.
As part of creating and preserving these affordable rental units in fiscal 2026, the department closed 28 multifamily transactions, issued approximately $500 million in bond financing; administered LIHTCs with an estimated equity value of more than $440 million; awarded nearly $79 million through state rental housing programs, including Rental Housing Works; and provided more than $6.3 million through the EmPOWER program to support energy-efficient construction and upgrades.
“To ensure our state’s continued economic growth and ease the burden of housing costs for Maryland’s families, seniors, and workers, we must increase housing supply. We need to build more homes, especially affordable homes,” said DHCD secretary Jake Day.
The agency surpassed the $1 billion mark with the closing of financing for five projects:
- Addison Park Senior Residences in Capitol Heights
Units: 293
Type: New Construction
Occupancy: Senior
Sponsors/Developers: Atlantic Pacific Communities and Cober Johnson & Romney
Department Investment: $84,702,670 - Loch Raven Overlook 4% in Towson
Units: 72
Type: New Construction
Occupancy: Family
Sponsors/Developers: Osprey Property Co., Pax Development, and Community Assistance Network
Department Investment: $20,613,142 - New Carrollton Metro Phase I in Hyattsville
Units: 102
Type: New Construction
Occupancy: Family
Sponsor/Developer: Urban Atlantic Development
Department Investment: $35,628,714 - Springvale Terrace in Silver Spring
Units: 236
Type: New Construction
Occupancy: Senior
Sponsors/Developers: Enterprise Community Development and Seabury Resources for Aging
Department Investment: $57,025,200 - The Village at Mitchell Pond in Salisbury
Units: 68
Type: Rehabilitation
Occupancy: Family
Sponsor/Developer: Homes for America
Department Investment: $18,373,602