Moore-Miller Administration Announces Funding to Create or Preserve 1,211 Affordable Rental Units
Maryland Department of Housing and Community Development Moore-Miller Administration Announces Funding to Create or Preserve 1,211 Affordable Rental Units
Awards highlight the impact Governor Moore’s legislation will have on state’s housing unit shortage
Maryland Department of Housing and Community Development Secretary Jake Day announces affordable housing awards.
NEW CARROLLTON, MD (April 29, 2024) – The Maryland Department of Housing and Community Development today announced more than $48.2 million in funding to 13 projects through federal Low Income Housing Tax Credits and state Rental Housing Funds. These awards will result in the creation or preservation of 1,211 high quality, energy-efficient, affordable rental units. Of the 13 awarded projects, nine would qualify for density bonuses under Governor Wes Moore’s recently signed Housing Expansion and Affordability Act, which allows developers to build additional units.
“Projects funded through the Low-Income Housing Tax Credit awards will not just help address our state’s housing shortage – they will help build a brighter future for all Marylanders,” said Governor Wes Moore. “Together, we’ve enacted the most comprehensive housing package in recent history and these awards signify a crucial step forward in our commitment to providing more affordable housing options.”
The announcement comes just days after Gov. Moore signed his housing package and other pieces of legislation into law following the 2024 legislative session, marking a turning point to address Maryland’s 96,000 housing unit shortage and to change the landscape for renters.
“Governor Moore’s Housing Package has opened pathways for more homes to be built in Maryland than in any of the previous 10 years,” said Secretary Jake Day at an event next to a future LIHTC project near New Carrollton Metro Station. “Each of the projects announced today plays a critical role in the state’s effort to address the housing shortage, make Maryland more affordable, and provide high-quality, energy-efficient, affordable housing for Marylanders.”
By leveraging non-competitive 4% Low-Income Housing Tax Credits in addition to the competitive 9% credits, the thirteen projects will create or preserve 1,211 total units for families, including 120 units targeted for persons with disabilities. Of those units, 654 will be created through the competitive awards and 557 will be created through the noncompetitive awards. The awarded projects are distributed between eight counties and Baltimore City.
Low-Income Housing Tax Credit Awards are determined through competitive application rounds held by the Department. In this round, the Department received 23 applications, requesting approximately $46.9 million in state Rental Housing Funds and $31.7 million in federal tax credits. DHCD will administer tax credits valued at more than $160 million, as well as $30.7 million in state Rental Housing Funds.
View the full list of awardees here.
