North East, MD – Community leaders and residents celebrated the grand opening of Riverwoods at North East Apartments in Cecil County, capping the evening with a community barbecue. The 76-unit, garden-style community is on Riverwoods Rd. next to Route 40 and nearby North East Creek.
Riverwoods at North East Apartments serves a tremendous demand in Cecil County for affordable rental housing. DHCD helped fund the development through the agency’s Rental Housing Production Program and federal Low Income Housing Tax Credits.
“It took less than three months for all 76 units to fill up. This only shows that affordable rental housing is needed more than ever,” said Brein O’Toole, deputy director of DHCD’s multifamily unit. “Funding this development emphasizes our commitment to the well-being of Maryland’s hardworking citizens and to helping them find a balance between family life and work life.”
Affordable housing for artists; a contemporary art gallery and a group of net-zero energy townhomes are just some of the DHCD projects that increase local economic vitality and revitalize neighborhoods in Prince George’s County.
Secretary Holt joined DHCD staff and elected officials and representatives from the cities of Hyattsville, Mount Rainier and College Park for a tour of housing and community development projects along the state’s Route 1 corridor.
“With these initiatives, we look forward to attracting more investors to the Route 1 corridor so we can continue to flourish as one of Maryland’s core business communities,” said Hyattsville Mayor Candace Hollingsworth during the walking tour.Read More »
Zero-Interest Loan Will Help Tops in Cellular Repair Damages, Recover Lost Revenue Suffered During Recent Civil Unrest
Baltimore – Juan C. Nunez, owner of Tops in Cellular, was one of the first business owners to apply for financial assistance after the civil unrest that rocked the city last month.
On Monday, he became the first to receive assistance under the Hogan administration’s Maryland Business Recovery program. Nunez, 40, said the $15,000 zero-interest Micro-Enterprise loan will be used to repair damages suffered and lost revenues due to the citywide curfew.Read More »
Miller’s Court, a mixed-use project that transformed an industrial eyesore into a catalyst for change just north of downtown Baltimore, has received one of the nation’s most distinguished awards for urban development.
The project won the top prize in the 2015 Rudy Bruner Award for Urban Excellence. The Rudy Bruner Awards seek to promote innovative thinking about the built environment and advance conversation about making cities better.Read More »
Baltimore – DHCD’s Maryland Business Recovery program, launched in the aftermath of the recent civil unrest in Baltimore to help small businesses rebuild and grow, has received 25 loan requests to date, totaling $805,000. DHCD has approved 18 of those for a total of $555,000.
The program’s quick response to the crisis comes as Governor Larry Hogan on Monday announced even more state aid to the city: $3.3 million to provide Baltimore youth with summer job opportunities and work experience and $4.15 million for business recovery loans, homeownership assistance programs and targeted assistance for significant façade improvements. Learn more.
The funding for both initiatives, which are on Wednesday’s Board of Public Works agenda for final approval, was announced at the ribbon cutting for the Martin Luther King, Jr. Recreation Center in West Baltimore.Read More »
BALTIMORE – A few short weeks after civil unrest rocked Baltimore neighborhoods, DHCD has awarded the first of several loans to help small businesses in the area get back on their feet, Governor Larry Hogan and Secretary Kenneth Holt announced.
The first loan is through the state’s Neighborhood BusinessWorks program and was awarded less than two weeks after the governor launched the special effort to assist Baltimore small businesses.
Another 15 applications are under review.
“Our goal is to get as many of the more than 300 small businesses in Baltimore that have experienced losses back in business,” said Governor Hogan. “The Department of Housing and Community Development and every agency in state government are acting as quickly as possible to help the affected areas in the city.”Read More »
ANNAPOLIS, MD – On Memorial Day, Governor Larry Hogan and Secretary Kenneth Holt announced a $20 million initiative that will give a significant boost to veterans and military families who are looking to buy a home in one of Maryland’s 86 Sustainable Communities. Read the release.
The “You’ve Earned It!” initiative offers a 2.75 percent fixed-rate 30-year loan through the Maryland Mortgage Program and $10,000 in down payment assistance in the form of a zero interest deferred loan to active duty military, including members of the military reserves and National Guard, and honorably discharged veterans and veterans with a disability. The first phase of “You’ve Earned It!” – aimed at qualified homebuyers with more than $25,000 in student loan debt – was announced May 4.
The initiative is for a limited time until the $20 million allocation is exhausted.Read More »
New Carrollton, MD – The historic town of Sudlersville, birthplace of baseball Hall of Famer Jimmie Foxx, this month became one of four new sustainable communities in Maryland, joining the initiative to strengthen reinvestment and revitalize traditional neighborhoods throughout the state.
Greater Riverdale, Perryville and Hurlock also became sustainable communities, bringing the statewide total to 86. There is at least one designated sustainable community in each of Maryland’s 23 counties and Baltimore City.Read More »
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 »