The Maryland Department of Housing and Community Development (DHCD) has announced nearly $32 million in funding to affordable housing projects across the state.
The awards were made through DHCD’s 2022 round for federal low-income housing tax credits and state Rental Housing Funds. Twelve project received funding as part of the competitive round, and nine additional noncompetitive awards were made through the multifamily bond program.
Overall, the 21 projects will create or preserve 1,340 energy-efficient and affordable rental homes, according to the agency. The developments are in nine counties and Baltimore City.
“The creativity and dedication of our team has helped our financing tools go further to house more people and create even more positive economic impact in Maryland,” said DHCD secretary Kenneth C. Holt in a statement. “Each project financed creates more jobs and adds to the tens of thousands of units preserved.”
Over the last eight years, Gov. Larry Hogan’s administration’s has advanced the production and preservation of affordable housing in innovative ways, said officials, noting that since 2019, a number of deals have combined the competitive 9% tax credits with noncompetitive 4% tax credits issued by DHCD.
The 2022 application round was the first managed by DHCD using the new version of the qualified allocation plan for housing tax credits and Multifamily Rental Financing Program Guide, which were revised in 2021 and signed by Hogan earlier this year.
View the full list of awardees here.
