Governor Wes Moore announced that Maryland has awarded more than $1 billion in financing, tax credits, and other funding to create or preserve 3,025 affordable rental homes across the state, including a major new senior housing development in Silver Spring.
Among the projects receiving funding is Springvale Terrace in Silver Spring, a new 236-unit affordable senior housing community being developed by Enterprise Community Development and Seabury Resources for Aging. The project received more than $57 million in state investment.
The Maryland Department of Housing and Community Development said the Fiscal Year 2026 funding includes approximately $500 million in bond financing, more than $440 million in Low Income Housing Tax Credit equity, nearly $79 million through state rental housing programs, and more than $6.3 million for energy-efficient construction and upgrades.
The Moore administration said this marks the third consecutive year the state has invested more than $1 billion in affordable rental housing, with more than $4.4 billion invested since Fiscal Year 2024 to create or preserve nearly 10,000 affordable rental units statewide.
“Access to affordable housing is one of the biggest barriers to long term success and security of Marylanders across our state,” Governor Moore said. “Our administration is heavily investing and leveraging every tool available to build more homes, expand rental housing options and lower the cost of accessible, safe and quality housing for hardworking Marylanders.”
Department of Housing and Community Development Secretary Jake Day said the investments will help increase Maryland’s housing supply while creating safe, energy-efficient homes for families, seniors, and workers.
