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Gov. Hogan announces new affordable housing package, creating thousands of new affordable units in Maryland

The package is expected to create 6,000 affordable, new units statewide.

ANNAPOLIS, Md. — Maryland Gov. Larry Hogan announced Wednesday that a new affordable housing package is set to roll out, which will include a flurry of financing tools and new programs opening access to more affordable units across the state.

The package is expected to create a total of 6,000 units and preserve more than 22,000. The development comes amid rising construction costs and interest rates across the state.

“To continue to build on these accomplishments, we are meeting the challenges created during the pandemic head-on with a responsive set of tools to address shortfalls and create new housing opportunities," Hogan said. 

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In addition, in order to address the shortfalls for affordable housing projects, the administration has also announced the following updates and new programs:

  • Increasing the Rental Housing Financing Program funds available for the 2022 competitive application round, -- to be announced later this year.

  • Increasing the amount of Rental Housing Works financing available for ongoing projects that have yet to close financing.

  • Establishing the Construction Relief Fund to provide additional financing for previously funded 4% Low-Income Housing Tax Credit (LIHTC) and Multifamily Bond projects that are experiencing cost shortfalls.

  • Establishing the Development Relief Fund for projects that previously received a 9% LIHTC award.

  • Establishing the Multifamily Capital Fund which will provide additional financing in Fiscal Year 2023 for projects related to the State of Maryland’s economic growth and development activities and initiatives.

  • Establishing the Emerging Developer Pre-Development Loan Fund to support projects by newer developers working with historically undercapitalized communities.

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