Washington – Lt. Governor Anthony Brown describes the MD-BRAC Preservation Initiative in the October 2011 issue of Tax Credit Advisor Magazine, a national monthly publication produced in association with the National Housing and Rehabilitation Association. The goal of the MD-BRAC Preservation Initiative is to preserve 9,000 units of affordable rental housing over the next 10 years in the counties most affected by the influx of new workers by the Base Realignment and Closure process. A companion story by Robert Lefenfeld of Real Property Research Group Inc. describes the market risk assessment studies being conducted in Anne Arundel, Baltimore, Cecil, Frederick, Harford, Howard, Montgomery, Prince George’s and St. Mary’s counties.
Maryland is one of only 12 states and cities awarded funding under the John D. and Catherine T. MacArthur Foundation’s Window of Opportunity campaign, a $150 million, 10-year effort to preserve rental homes across the nation.
“Governor O’Malley and I understand that the foundation of strong communities are families who are secure in their homes, which is why we have made a strong commitment to rental housing preservation,” writes Lt. Governor Brown.
Last year, 1,409 units were preserved under the initiative, many also receiving the benefits of DHCD’s energy efficiency efforts.
“Governor O’Malley and I want to ensure that our Maryland families have the broadest range of quality affordable housing choices available to them, as we also prepare to welcome new families and neighbors to our state,” Lt. Governor Brown writes.