Annapolis, MD – Governor Larry Hogan and Secretary Kenneth Holt this week announced a $20 million initiative aimed at members of the Millennial Generation that will give a boost to otherwise qualified buyers who have been unable to move into homeownership because of significant student debt.
Through the “You’ve Earned It!” initiative, the Maryland Mortgage Program is offering a 2.75 percent fixed rate, 30-year mortgage and $10,000 in down payment assistance to qualified homebuyers with more than $25,000 in student loan debt. The program is open for a limited time to families purchasing a home in one of Maryland’s 82 Sustainable Communities. Maryland’s Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state’s older communities through state, local and private sector partnerships. There is at least one designated Sustainable Community in each of Maryland’s 23 counties and Baltimore City.Read More »
DHCD’s Small Business Lending Team Reaches Out to Hispanic and Korean Business Owners
Columbia, MD – Members of DHCD’s small business lending team met with Korean and Hispanic business and community leaders Tuesday to acquaint them with the Maryland Business Recovery Loan program, Governor Hogan’s initiative to help Baltimore businesses hurt by the recent civil unrest cut through the red tape and obtain rapid access to the financing they need to rebuild. The effort is part of the governor’s comprehensive response to the destruction that rocked the city. More than 200 businesses, many minority owned, were destroyed and many others sustained significant losses.
Through the Maryland Business Recovery Loan program, businesses can receive zero-interest microenterprise loans of up to $35,000 for a term of between one to five years. Businesses with greater losses might qualify for flexible gap financing through DHCD’s Neighborhood BusinessWorks program. Learn more about DHCD’s resources for small businesses.
In addition, DHCD is providing Korean and Spanish translation services to ensure that language will not be a barrier. The Hispanic and Korean business communities were severely hit and DHCD is on the forefront with helping those businesses as they try to rebuild.Read More »
Baltimore – The city celebrated an important achievement on the evening of March 3, by lighting up the marquee of the Centre Theatre, the newest rehabilitated building in Baltimore’s Station North Arts and Entertainment District.
The blue neon of the letters on the distinctive facade instantly illuminated an otherwise dark corridor, acting as a symbolic beacon of the kind of development momentum currently re-energizing the district.
The $18 million project will be “a center for arts and innovation in the Station North Arts and Entertainment District,” according to developer Jubilee Baltimore’s website. The project converts a 67,000 square foot building that has been vacant for more than 20 years into restaurant space, film centers for Johns Hopkins University and Maryland Institute College of Art programs, the Baltimore Jewelry Center, and the Center for Neighborhoods, a nonprofit hub of community development-focused nonprofits including Central Baltimore Partnership, Neighborhood Housing Services of Baltimore and Jubilee Baltimore.Read More »
Crownsville, MD – DHCD is announcing the addition of five new Sustainable Communities, bringing the statewide total to 82. There is at least one designated Sustainable Community in each of Maryland’s 23 counties and Baltimore City.
Maryland’s Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state’s older communities through state, local and private sector partnerships.
The new Sustainable Communities are:
Baltimore County – Northwest Gateways
Frederick County – Town of Myersville
Kent County – Town of Betterton
Kent County/Queen Anne’s County – Town of Millington
Crownsville, MD – DHCD has awarded more than $2.4 million in capital and operating grants to four local nonprofit community development organizations through the Baltimore Regional Neighborhoods Initiative.
The FY 2015 awards – $1.68 million in capital and $750,000 in operating funds for 18 projects – will help attract new investment to targeted areas in Baltimore City and Dundalk.
BRNI, in its second year, is aimed at increasing the ability of older neighborhoods to attract new homeowners and businesses. The awards will advance the comprehensive revitalization plans and strategic partnerships put in place by local neighborhood leaders and stakeholders. The BRNI grants (list attached) are anticipated to catalyze an additional $20 million in investment in these neighborhoods.
BRNI awardees are the Central Baltimore Partnership working in central Baltimore City; Southeast Community Development Corporation in southeast Baltimore City, Healthy Neighborhoods, Inc. in Reservoir Hill; and Dundalk Renaissance Corporation in Dundalk, Baltimore County.
BRNI grew out of recommendations of the House Regional Revitalization Workgroup convened January 2014 by Speaker Michael E. Busch to focus on strengthening community and economic development efforts in the Baltimore Metropolitan region.
“Bringing back the vitality of older neighborhoods in the Baltimore region is important to the overall health of the region. These targeted neighborhood investments are showing the way to make this happen,” says Speaker Busch.
Salisbury, MD – The demolition of the vacant Daily Times building in Salisbury to make way for a new medical center and the redesign of the Brentwood Fire Station into a municipal center that will house town offices, the police department and a public meeting space are two of the 27 projects receiving grants through the Strategic Demolition and Smart Growth Impact Fund program.
The awards include $2.5 million to help Baltimore demolish long-time vacant buildings in strategic neighborhoods as part of its Vacants to Value initiative.
DHCD is announcing the award of $7.5 million to benefit 27 projects in 12 counties and Baltimore City. Those funds are expected to leverage an additional $178 million in public, private and philanthropic investments.
The Strategic Demolition and Smart Growth Impact Fund program compliments the Community Legacy program by providing the necessary predevelopment funding to jump-start transformational community and economic revitalization projects.
Established in 2012, the program funds such predevelopment activities as demolition, land assembly and infrastructure improvements that are critical to attracting other public and private investment. This funding is also available to local governments and nonprofit community development corporations, who many times are working with private entities and other partners invested in Maryland neighborhoods and focused on creating jobs and housing opportunities.
See the full list of Fiscal Year 2015 awards below.Read More »
Crownsville, MD – The restoration of Baltimore’s iconic Bromo Seltzer Arts Tower, the renovation and reinvention of a historic tobacco packing house in southern Maryland and the installation of decorative street lights in downtown Ocean City are among the projects receiving grants through the Community Legacy program, Maryland’s initiative to stimulate investment and strengthen development in traditional downtowns all over the state.
DHCD is announcing $5.7 million in Community Legacy program grants to 67 projects in 20 counties and Baltimore City. Those grants support total project costs of more than $45.4 million.
The Community Legacy program provides local governments and community development organizations with essential funding and gap financing for important projects that will strengthen local communities, supporting housing and homeownership goals and attracting and retaining businesses. Projects include improving commercial facades, greening and streetscaping activities, renovating historic buildings for conversion into service or community centers, and rehabilitating blighted properties in downtown areas. It is one of Maryland’s most effective programs for promoting neighborhood revitalization, affordable housing, tourism, and economic growth.
Since 2007, the O’Malley-Brown administration has awarded more than $41 million to 440 projects through the Community Legacy program, creating or preserving an estimated 1,300 permanent jobs and 3,000 temporary jobs mostly in construction-related fields and putting more than $222 million into the state’s economy.
See the complete list of Community Legacy Awardees:Read More »
Ellicott City, MD – Acting Secretary Clarence Snuggs joined state and local officials to announce $10 million in state tax credits that will fund nine historic restoration projects across Maryland. The tax credit will infuse positive change and jobs to communities from Cumberland to Cambridge. Read the release.
By offsetting the costs of historic renovation, the Sustainable Communities Tax Credit Program helps owners of historic structures preserve some of Maryland’s best places as well as provides an economic boost to their communities. The awards were announced in the Old Post Office in Ellicott City, near the site of a tax credit project.
The Sustainable Communities Tax Credit program, administered by Maryland Historic Trust, which is part of the Maryland Department of Planning, has invested close to $360 million since it began in 1996. The investments have helped restore more than 3,995 residential and 616 commercial historic structures, preserving buildings with a sense of place that contribute to the uniqueness and charm of Maryland towns and cities.
Part of the 2010 Sustainable Communities Act, the tax credit program promotes community revitalization and strengthens the mutual goals of the Maryland Departments of Planning and DHCD.
The $10 million investment will leverage private investment of about $76.7 million in the following projects:Read More »