Twenty developments have been selected to receive federal low-income housing tax credits (LIHTCs) and state Rental Housing Funds from the Maryland Department of Housing and Community Development (DHCD).
The awards will help construct or rehabilitate approximately 1,500 rental units, including 224 units that will be set aside for individuals with disabilities.
DHCD’s allocation for the latest competitive round is the largest in its history and will support projects in every region of the state, according to officials.
"The department's affordable housing production has steadily increased each year during Gov. (Larry) Hogan's administration, and this competitive application round continues that upward trajectory, marking an impressive and unprecedented level of investment," said Kenneth C. Holt, DHCD secretary. "Thanks to recent revisions made to the application guidelines with the input of our great development partners, the awards for this round are also among the most geographically diverse allocations in program history."
For this latest competitive round, the department received 41 applications for projects in 15 counties and Baltimore City. The 20 projects selected will receive nearly $28 million in federal LIHTCs and nearly $20 million in Rental Housing Funds. These awards are the largest total amount awarded in a single competitive application round.
The department's Rental Housing Funds include a number of programs for rehabilitation or creation of rental housing, which are designed to be compatible with tax-exempt or taxable bond financing, LIHTCs, and other private or public funds.
For a list of awardees, visit http://bit.ly/2navlCP.
