ANNAPOLIS, Md. — Maryland Gov. Larry Hogan announced today that about $200 million in state funds will go toward creating more than 6,000 new affordable-housing units statewide.
Hogan said the funding surge will hopefully help address the shortage of affordable housing, "amid rising construction costs and interest rates," according to a press release.
As of last year, Maryland was roughly 85,000 rental units short for affordable housing for its lowest-income residents, according to a comprehensive reportreleased by the state's Department of Housing and Community Development. The state has built and financed 22,434 affordable-housing units since 2015.
Developers of multi-family housing units will be able to apply for the funding. Information on the application process will be released this spring.
Starting July 1, the state housing department will let developers of rental units to request $2.5 million for up to 50 units, and another $50,000 for each additional unit over 50, for a maximum of $3.5 million.
Besides increasing the Rental Housing Works financing, Hogan's administration will create a construction relief fund for previously-funded low-income housing projects that are experiencing cost shortfalls, creating a multifamily capital fund for extra financing in Fiscal Year 2023, and creating an Emerging Developer Pre-Development Loan Fund to support projects by newer developers in "historically undercapitalized communities."