PRESS RELEASE (8/30/2018) – 21 Projects Across the State Will Create or Preserve Approximately 1,147 Units; $47 Million in State and Federal Funding Will Leverage Over $94 Million in Private Sector Capital
ANNAPOLIS, MD – The Hogan administration today announced funding recipients for the Maryland Department of Housing and Community Development’s most recent application round for federal Low Income Housing Tax Credits and state Rental Housing Funds. Twenty-one projects will receive awards for the new construction and rehabilitation of approximately 1,147 affordable rental units, including 167 units to be specifically set aside for individuals with disabilities. The projects awarded will receive more than $16.6 million in state Rental Housing Funds and over $30.2 million in federal Low Income Housing Tax Credits, leveraging more than $94.5 million in private sector capital.
The awards allocation for this competitive round focused on enhancing the Baltimore region’s total affordable housing stock and continuing the high level of production established under the leadership of Governor Larry Hogan. Since 2015, financing made available through the state and Maryland’s allocation of federal tax credits has resulted in the creation and preservation of more than 15,000 units of affordable housing.
“Our administration remains committed to ensuring that our hardworking families, seniors, and Marylanders with disabilities have access to opportunities and a better quality of life,” said Governor Hogan. “Affordable housing is critical to the wellbeing of our citizens, and these awards will help those most in need have a place to call home.”
Awards are determined through competitive application rounds held annually by the department. For this latest competitive round, the department received 44 applications for projects in Maryland. The department received the greatest number of applications in the history of the program and is awarding the largest number of projects in a single competitive application round.
“The awarded projects in this round are going to make a real difference for all Marylanders looking for new, quality, affordable housing,” said Housing Secretary Kenneth C. Holt. “In addition, these projects will create jobs and spur economic growth in these communities.”
The 21 awarded projects are distributed between 10 counties and Baltimore City. Notable projects include: Main Street Apartments, a 70-unit project located steps away from Rockville Town Center in Montgomery County; the Reserve at Somerset Commons Phase II in Princess Anne which will add 54 units for families to the existing 75 units constructed in Phase I; Chautauqua Park West, a 77-unit, mixed-income family development in Garrett County that will provide project-based rental allowance for 54 units; and 520 Somerset Apartments, part of a two-phase 197-unit project that will be part of the master plan for redevelopment of Oldtown and adjacent areas in Baltimore City.
For a list of awardees, see Affordable Rental Housing Awardees 2018.
This press release was originally posted on http://governor.maryland.gov/ on 8/30/2018