To expand funding for projects with a high public purpose, the Maryland Department of Housing and Community Development has awarded more than $65 million to 27 affordable housing projects. The infusion will assist with the construction of 2,149 units amid rising construction costs and interest rates as part of a $200 million affordable housing initiative.
DHCD established the Multifamily Capital Fund program due to financing gaps brought on by the COVID-19 pandemic; and the Construction Relief Fund and Development Relief Fund for projects that previously received state funding and are experiencing cost shortfalls.
The three funds are among a number of initiatives that were created to address the shortfalls for affordable housing projects, which also included an increase to the Rental Housing Financing Program funds for the 2022 competitive Low-Income Housing Tax Credit round and for ongoing projects that have yet to close financing.
The awards are going to projects in Howard, Anne Arundel, Prince George’s and six other counties, as well as the Baltimore City. For the full list of awards, visit https://dhcd.maryland.gov/Documents/PressReleases/Housing-Relief-Funds-Awards-January-2023.pdf.
Marylanders looking to access affordable rental housing can search and find current listings with accessibility features, amenities, affordability and more at MDHousingSearch.org, which also contains information about future leasing opportunities for projects that are under construction.