Crownsville, MD – Eleven affordable rental housing projects throughout Maryland will receive more than $19.1 million in Rental Housing Funds and $11 million in Low Income Housing Tax Credits in the latest competitive funding round, DHCD announced.
The 11 projects will create or preserve 106 rental housing units and put more than $167 million into the economy. Just as importantly, the projects will help meet the affordable rental housing needs for working families and senior citizens in Baltimore City and six counties.
Awards are determined through competitive application rounds held periodically by DHCD. Rental Housing Funds include a number of programs aimed at rehabilitating or creating rental housing, including the Rental Housing Works initiative. The federal Low-Income Housing Tax Credit program was created to encourage the private sector to invest in the construction and rehabilitation of housing for low- and moderate-income families. States receive an annual tax credit allocation based on population.
The projects receiving awards in the fall 2014 round are: Continue reading