ANNAPOLIS — Gov. Larry Hogan announced April 27 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 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 Gov. 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:
“Even though COVID-19 has impacted our efforts to respond to an ongoing shortage of affordable housing, affecting supply chains, construction costs, interest rates and labor, our department has worked with its development partners to find solutions,” said Secretary Kenneth C. Holt. “With the new initiatives announced today, we are working to ensure the state has a successful economic recovery that includes new affordable housing opportunities for Marylanders.”
Additional details on these program updates can be found at Multifamily Notice 22-10.
Marylanders looking to access affordable rental housing can search and find current Maryland listings with accessibility features, amenities, affordability and more at MDHousingSearch.org. Visitors to the site can also view information about future leasing opportunities for projects that are currently under construction.