Crownsville, MD – Led by the Millennial Generation, an increasing number of Maryland households are putting off homeownership and choosing to rent, according to a special report on affordable rental housing published Friday by the Maryland Department of Housing and Community Development.
Maryland Housing is a new quarterly publication of DHCD’s Office of Research and Statistical Analysis and the Office of Communications and Marketing. It can be found in the Friday 17 editions of the Baltimore Business Journal, the Washington Business Journal, the Daily Record and the Washington and Baltimore editions of the Afro-American Newspapers.
The detailed statistical analysis of the state’s housing market documents the factors driving up the demand for affordable rental housing and how the state has helped finance the record production of new and preserved affordable housing in response.
“Every Marylander, whether they own their home or rent, deserves the opportunity to live in places that are decent, safe and affordable,” said Governor O’Malley in a message in the publication.
The O’Malley-Brown administration’s balanced approach to housing includes expanding access to homeownership through programs such as the Maryland Mortgage Program, fighting to help financially beleaguered homeownerships save their homes through reform of the foreclosure process and financing one of the most aggressive building booms of affordable rental housing in the state’s history using federal low income housing tax credits and state resources such as the Rental Housing Works initiative.
“The Maryland Department of Housing and Community Development has over 80 affordable rental housing projects throughout the state in various stages of construction or underwriting,” said Acting Secretary Clarence Snuggs. “This is an unprecedented number – more than we have had in play at any time in DHCD history. Just as importantly, those projects will allow us to leverage many times that amount from federal and private sources, so that we will put nearly a billion dollars into the state’s economy.”
In addition to the local publications, Maryland Housing can be viewed by visiting DHCD’s website or by clicking here to download a PDF version.