Governor Larry Hogan announced at the end of April that more than $200 million in financing tools and new programs will be made available to create new affordable housing opportunities in the state. The Maryland Department of Housing and Community Development (DHCD) will administer the funds to produce more than 6,000 additional units statewide amid rising construction costs and interest rates.
“During our administration, we have provided financing and tax credits to create or preserve more than 22,000 affordable rental units across the state—a level of production never before seen in the State of Maryland,” said Governor Larry Hogan. “To continue to build on these accomplishments, we are meeting the challenges created during the pandemic head on with a responsive set of tools to address shortfalls and create new housing opportunities.”
To address the shortfalls for affordable housing projects, the administration is announcing the following updates and new programs:
Additional details on these program updates can be found on the dhcd.maryland.gov website and search for Multifamily Notice 22-10. Marylanders looking to access affordable rental housing or future leasing opportunities can go to MDHousingSearch.org.
Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
