Oakland, MD – Secretary Skinner joined DHCD’s partners in Garrett County for the grand opening of 36 energy efficient, affordable town homes that will give residents a unique opportunity to purchase their homes after 15 years. See a report on the ceremony in the Cumberland Times-News.
The development of Liberty Mews greatly strengthens Oakland’s ability to offer safe, decent, and affordable housing to families while contributing to the town’s architectural character. It was made possible with financing through the Recovery Act. Last year, the O’Malley-Brown administration used Recovery Act programs and the federal Low Income Housing Tax Credit Program to fund the creation or preservation of 3,179 rental housing units in 38 projects, totaling more than $536.7 million. Learn more. Those 38 projects represented the largest number of multifamily projects under construction at one time in the history of DHCD and had an economic impact of more than $1 billion in expenditures, including 11,078 jobs, $369.7 million in wages and salaries and $25.8 million in state and local tax revenues.
Liberty Mews was one of those projects. The $10.5 million project received more than $2 million through the Section 1602 Exchange Program and a $250,000 loan through DHCD’s Rental Housing Preservation Program. In 15 years, residents will be offered the opportunity to purchase their units after working with the Garrett County Community Action Committee to prepare to become successful homeowners.