More Than 1,300 High Quality, Energy-Efficient, Affordable Units To Be Created Or Preserved
Per the State of Maryland:—Governor Larry Hogan today announced nearly $32 million in project awards through the Maryland Department of Housing and Community Development’s (DHCD) 2022 application round for federal Low Income Housing Tax Credits (LIHTC) and state Rental Housing Funds. Funds have been awarded to 12 projects as part of the competitive round. Nine additional noncompetitive awards were made through the Multifamily Bond Program, bringing the total awards to 21. These awards will result in the creation or preservation of 1,340 high quality, energy-efficient, affordable rental units.
“During our administration, the State of Maryland has provided financing and tax credits to create or preserve an unprecedented more than 28,000 affordable rental units,” said Governor Hogan. “The projects selected in this year’s application round will further expand affordable housing opportunities for Maryland’s working families, seniors, and individuals with disabilities.” Awards are determined through competitive application rounds held by DHCD. The department received 21 applications in this round. These applications requested approximately $23.7 million in state Rental Housing Funds and $30.1 million in federal LIHTC. DHCD will administer tax credits valued at nearly $17 million, as well as $15 million in state Rental Housing Funds. The awarded projects are distributed between nine counties and Baltimore City.
Over the last eight years, the administration has advanced the production and preservation of affordable housing in innovative ways. Since 2019, a number of applications have combined the competitive 9% tax credits with noncompetitive 4% tax credits issued by DHCD. “The creativity and dedication of our team has helped our financing tools go further to house more people and create even more positive economic impact in Maryland,” said DHCD Secretary Kenneth C. Holt. “Each project financed creates more jobs and adds to the tens of thousands of units preserved.”
The 2022 application round was the first managed by DHCD using the new version of the Qualified Allocation Plan for LIHTC and Multifamily Rental Financing Program Guide, which were revised in 2021 and signed by Governor Hogan earlier this year. Department staff worked closely with multifamily housing developers and advocates on these revisions.
View the full list of awardees here.