Fifteen developments have been selected to receive federal low-income housing tax credits (LIHTCs) and state Rental Housing Funds in Maryland.
The more than $44 million in funding will result in the creation or preservation of 1,837 affordable rental units, the largest number of units financed in the history of the programs, according to the Maryland Department of Housing and Community Development (DHCD).
A focus for this year’s application round were projects located in Opportunity Zones (OZs), areas designated by the federal government to spur economic development. Six projects in OZs were awarded $17.5 million, including South Street Centre, which will create 152 units for seniors and families in Frederick, and Sojourner Place at Wolfe, which will create 70 units in Baltimore City, including 35 units set aside for formerly homeless individuals, said officials.
“My administration is committed to making sure that seniors and families have access to affordable, quality housing,” said Gov. Larry Hogan in a statement. “By investing in Opportunity Zones, we are able to leverage state resources and federal dollars to create the most impact.”
Located in eight counties and Baltimore City, the awarded projects were selected from 47 applications requesting more than $122 million in financing.
The 15 developments will receive more than $22.5 million in state Rental Housing Funds and nearly $21.7 million in federal 9% LIHTCs, leveraging more than $262 million in private-sector capital. DHCD said it received the largest number of applications in the history of the program.
By making use of a unique “twinning” financial structure, combining the competitive 9% credits with $5 million in noncompetitive 4% credits issued by the department, a record number of affordable rental units will be financed, officials said.
For a list of awardees, see Affordable Rental Housing Awardees 2019.