More than 15 housing developments have been selected to receive federal Low-Income Housing Tax Credits and State Rental Housing Funds in Maryland.
In all, $44 million in funding will be used to create or preserve 1,827 high-quality, affordable rental units, the largest number of units financed in the history of either program, according to the Maryland Department of Housing and Community Development.
“My administration is committed to making sure that seniors and families have access to affordable, quality housing,” Governor Larry Hogan said. “By investing in Opportunity Zones, we are able to leverage state resources and federal dollars to create the most impact.”
This year's applications were focused on projects located near Opportunity Zones, which are areas designated by the federal government to create economic development.
There were six projects awarded $17.5 million. These projects will create 152 units for seniors and families, and another project that will create 70 more units, including 35 set aside for formerly homeless individuals.
These awards are determined through competitive application rounds, held annually.
In this last round, a record 47 applications were submitted that requested a total of $122 million in financing. The 15 projects that were chosen will receive more than $22.5 million in State Rental Housing Funds, and almost $21.7 million in federal Low Income Housing Tax Credits.